Angie's List posted a net loss of $8.4 million for the three month period ending June 30, or just around $0.14 a share, falling short of analysts' expectations. The loss is still a 55% improvement over the same time period a year ago. Operating expenses shrank around $2 million from the year before, contributing to the smaller net loss.
Revenue was up 11% to $87.4 million. Revenue from service providers that have contracts with Angie's List was around $70.4 million, up around $10 million from the year before. Service providers participating in contracts with Angie's List numbered 53,514, up only 140 from the year before.
Memberships to Angie's List grew 12%, adding 333,000 members to a total of 3,172,066. Despite that growth, revenue from memberships to the website was down around $1.6 million to $16.9 million.
After the announcement Wednesday morning, Angie's List stock dropped around 20%.