Angie’s List Inc (NASDAQ:ANGI) stock was up following news that it may be looking to sell itself.
Angie’s List Inc announced that is considering strategic options during its earnings report for the third quarter of 2016. Scott Durchslag, President and CEO of the company, said that it has contacted Allen & Company LLC and BofA Merrill Lynch to help it explore these options.
Durchslag said that Angie’s List Inc is looking to “further accelerate” its growth. It believes that these strategic options, which may include a sale, can help it “achieve the full potential of our new platform.” He claims that this would in turn help maximize “value creation for our shareholders.”
During its earnings report for the third quarter of 2016, Angie’s List Inc executed a turnaround plan. Its plan included removing the paywall that limited the number of users on its platform. The company claims this plan will lead to $15 million to $20 million in cost reductions in the fourth quarter of the year.
Angie’s List Inc reported revenue of $79.75 million during the third quarter of 2016. This is down from its revenue of $86.99 million from the same time last year. It also didn’t meet the $81.97 million in revenue that Wall Street was looking for.
Angie’s List Inc reported losses per share of 28 cents for its third quarter of the year. This is a decrease from the third quarter of 2016, which had it breaking even with earnings per share of 0 cents. Analysts were looking for losses per share of 14 cents for the quarter.
ANGI stock was up 3% as of Tuesday morning.
