Angi CEO Jeff Kip discussed the company's strategic shift towards artificial intelligence and its recent financial performance in a "Bloomberg Talks" segment. The conversation touched upon the company's decision to stop issuing quarterly guidance and the broader implications of its AI-centric pivot for both customers and service professionals.
Angi's Strategic Pivot to AI
Kip explained that Angi is moving away from its older, legacy technology platforms, which have become cumbersome and slow down innovation. The company is embarking on a significant transition to an AI-first approach, aiming to rebuild its entire back-end infrastructure. This involves developing new tools and processes that leverage AI to enhance efficiency and improve the overall user experience. Kip noted that advancements in AI technologies have enabled this shift, allowing engineers to work faster and with greater capabilities.
Financial Performance and Market Reaction
The interview comes on the heels of a challenging earnings report for Angi, which saw its shares drop significantly following the release. The company reported first-quarter revenue that missed expectations, contributing to a decline in its market capitalization. Kip acknowledged the market's reaction but also highlighted the company's efforts to focus on higher-quality revenue streams and improve its Net Promoter Score (NPS), which has seen a substantial increase.
The full discussion can be found on Bloomberg Podcast's YouTube channel.
Improving the Homeowner and Pro Experience
A key aspect of Angi's AI strategy is to enhance the experience for both homeowners and the service professionals on its platform. For homeowners, the company plans to implement more nuanced, natural language conversations, allowing for better problem descriptions, photo uploads, and more accurate estimates. For professionals, Angi is developing a suite of AI-powered tools designed to help them win more jobs by improving lead qualification, sales training for technicians, and follow-up processes. Kip emphasized that this AI-driven approach aims to make the platform more valuable for all stakeholders.
Timeline and Expectations
Kip estimated that it will take approximately one year to fully implement the new AI platform and build the initial set of AI agents. The company anticipates seeing positive momentum by the end of the current year and expects to accelerate revenue growth in 2027. This transition represents a significant undertaking, but Kip expressed confidence in its potential to drive substantial improvements in efficiency and market responsiveness.
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