Angie's List Reports First-quarter Earnings Loss, Membership Revenue Decline

Angie's List Inc. said Wednesday that it had a first-quarter 2016 net loss of $4 million, or 7 cents per share, compared with net income of $4.4 million, or 7 cents per share, for the same period last year. The FactSet earnings consensus was 5 cents per share. Revenue for the quarter totaled $83.9 million, down from $83.5 million for the first quarter of 2015 and below the FactSet consensus of $86.4 million. The company said it had $24.4 million in membership revenue, a 12% decrease from $30.9 million last year. Angie's List added 188,242 gross paid memberships during the quarter, a decline from the 229,987 last year. It is piloting a freemium program in some top markets, which will roll out nationwide, said Angie's List Chief Executive Scott Durchslag in a statement. The company maintained its full-year revenue outlook, between $345 million and $355 million. Angie's List shares are up 28.3% for the past year, but down 17.7% for the year to date. The S&P 500 is up 2.8% for so far this year.