Angie's List's Stock Jumps After Company Swings To Surprise Profit
Angie's List Inc.'s stock hiked up 5.7% in light premarket trade Wednesday, after the online review site swung to a surprise first-quarter profit, which offset a slight sales miss. For the quarter ended March 31, earnings came in at $4.4 million, or 7 cents a share, compared with a loss of $3.8 million, or 6 cents a share, in the year-earlier period, and the FactSet consensus for a breakeven quarter. Revenue rose to $83.5 million from $72.7 million, below the FactSet consensus of $84.7 million. Total paid memberships increased 18% to $3.1 million, while the average membership renewal rate slipped 1 percentage point to 75%. For 2015, the company expects revenue of $357 million to $363 million, surrounding the FactSet consensus of $359.7 million. The stock has lost 1.3% year to date through Tuesday, while the S&P 500 has gained 1.9%.
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