Angi reported an 11% year-over-year revenue decline in the second quarter, driven by a 34% drop in network revenue as the company reduced lower-quality marketing and homeowner demand shifted toward smaller projects. The company recorded a $235 million non-cash impairment charge for goodwill and trade names but said it does not affect liquidity. Management reallocated about $6 million of TV spending to higher-return channels and remains on track for approximately $50 million in annual adjusted EBITDA less capital expenditures. Angi is expanding partnerships with larger service businesses and migrating to an AI-first platform, with its homeowner AI agent now reaching 50% of traffic and converting users at three times the rate of non-interacting traffic. CEO Jeff Kip said core-business growth could return as early as 2027 if execution succeeds, though the company did not reinstate formal guidance.
ANGI Homeservices IncRevenue fell 11% due to reduced network channels and weaker homeowner demand.
