Shares of Angie’s List Inc. (NASDAQ: ANGI), providing consumer-driven solution to its members to research, hire, rate and review local professionals for critical needs, are seeing a huge rally in trading today after the company reported its fourth-quarter financial results.
For the fourth quarter ended December 31, 2012, ANGI reported total revenue of $46.2 million, representing an increase of 68% over the same period in the previous year. The company’s service provider revenue for the quarter was $32.5 million, up 83% over the same period in the previous year. Net income for the fourth quarter came in at $2.4 million, compared to a net loss of $5.9 million reported for the same period in the previous year. Adjusted EBITDA for the quarter was $4.4 million, compared to an EBITDA loss of $2.9 million reported for the same period in the previous year.
Bill Oesterle, CEO of Angie’s List, said that the company had a great fourth quarter concluding an exceptional year. Oesterle said that entering 2012, the company set specific operational objectives, and it exceeded them. He added that the company made significant investments in its business during the year and achieved meaningful strides in its ability to monetize its membership base.
For the full year 2012, Angie’s List reported total revenue of $155.8 million, representing an increase of 73% over 2011. The company’s membership revenue for 2012 was $47.5 million, up 41% over 2011.Service provider revenue for 2012 rose 92% to $108.1 million. The company’s net loss for 2012 was $52.9 million, compared to net loss of $49 million reported in 2011.
Angie’s List shares rose to an intra-day high of $18.13 earlier today before paring some of the gains. At last check, the stock was trading 24.67% higher at $16.98 on above average volume of 3.96 million.
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