Shares of Angi Inc. (ANGI) plummeted over 10% in pre-market trading on Monday, despite the company reporting better-than-expected earnings for the third quarter. The steep decline seems to be driven by concerns over Angi's disappointing outlook for the upcoming quarter and full year.
While Angi reported adjusted earnings of $0.07 per share, beating analyst estimates, and revenue of $296.72 million, slightly above forecasts, investors were not impressed with the company's guidance. For the fourth quarter, Angi projected revenue in the range of $285 million to $295 million, significantly below Wall Street's expectations of around $315 million.
Additionally, the company lowered its full-year revenue guidance to a range of $1.18 billion to $1.19 billion, down from its previous forecast of $1.2 billion to $1.25 billion. Analysts had been anticipating full-year revenue of around $1.23 billion.
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