IAC Considers Spinning Off Angi Inc.
In its third-quarter earnings report, IAC announced it is considering a strategic move to spin off its ownership stake in Angi Inc. This news comes as Angi shares traded lower after-hours, following the company's third-quarter financial results.
IAC's potential spin-off would make Angi a stand-alone entity, allowing it to operate independently from IAC. IAC has nurtured and managed the brand as part of its portfolio of digital and media businesses.
Angi reported quarterly earnings of $0.07 per share and quarterly sales of $296.7 million, beating the analyst consensus estimate of $296.517 million. However, this represents a 20.21% decrease compared to sales of $371.837 million in the same period last year.
Angi, a pioneer in the home services space, has connected millions of homeowners with skilled professionals since its founding in 1995. Originally a platform for finding reputable local professionals, Angi has grown to become a comprehensive service for homeowners, offering tools for hiring, cost research, and project inspiration. Angi's extensive network has served over 150 million users, supporting thousands of small businesses and home service professionals nationwide.
IAC's potential divestiture aligns with its history of building and spinning off successful brands, having previously launched companies such as Match Group and Vimeo.
Angi and IAC will host a conference call on Tuesday, November 12th at 8:30 a.m. ET to discuss both companies' respective third-quarter results and to answer questions.