For the first time in company history, Indianapolis-based Angie’s List Inc. (Nasdaq: ANGI) is reporting a profitable third quarter. New Chief Executive Officer Scott Durchslag says net income of $82,000, compared to a loss of $5.2 million during the same period the previous year, represents "a quarter with stabilizing results."
The consumer review company is reporting third quarter revenue of $87 million, which is an increase of 7 percent over the previous year, as well as growth in total paid memberships, web traffic and e-commerce participation by service providers.
Last month, Angie’s List named Durchslag president and chief executive officer. He is a former division president at Best Buy Co. Inc. (NYSE: BBY) and has held leadership positions at Expedia Worldwide and Skype Global. He says, in addition to increased revenue, the results are fueled by improved efficiencies in areas including selling and marketing expenses. He says priorities moving forward include improving operational executing to "reignite revenue growth" and redesigning the company’s sales force.
Also this morning, the company announced service quality and fair price guarantee programs, aimed at backing the price and quality of services purchased through Angie’s List’s platform.