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Why Angi Stock Plunged 36% Last Month

TheMotleyFool

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Why Angi Stock Plunged 36% Last Month: https://g.foolcdn.com/editorial/images/746606/frustrated-person-on-phone-at-laptop.jpg

Shares of home-services platform Angi (NASDAQ: ANGI) plunged 36.4% in August, according to data provided by S&P Global Market Intelligence. The company reported financial results on Aug. 8 for the second quarter of 2023 during which revenue dropped 27% year over year to $375 million.

In shocking fashion, new Angi CEO Joey Levin said that this nearly $141 million drop in quarterly revenue was "good riddance." Based on the stock performance, however, the market appears to think differently.