[Angie's List] reported revenue of $87 million in the quarter, 10.6 percent more than a
year ago but short of Wall Street expectations of $89 million, according to a survey of analysts by Zacks Investment Research.
Former Angie's List CEO Bill Oesterle
The company posted a loss of $8.3 million, or 14 cents a share, an improvement over a loss of $18 million a year ago but slightly worse than analysts' average forecast for a loss of 13 cents a share.As of writing this, Angie's List is currently trading at $4.88 a share, down nearly 20% from yesterday. Angie's List has never turned an annual profit in nearly 20 years of existence.
Earlier this year, Angie's List CEO Bill Oesterle led a fight against Indiana's RFRA, a law that protects religious freedom Apparently Oesterle's leading role in attacking religious freedom came at a price. Membership revenue fell by 9% during the second quarter of 2015. Angie's List added 24% fewer members in the second quarter than it did in the second quarter of 2014. One has to wonder if Oesterle's departure as CEO is tied to religious people no longer wanting to do business with Angie's List because of the company's CEO.
Nonetheless, even with Oesterle's departure Angie's List may not have seen the end of the backlash. Oesterle's attacks on religious freedom helped land Angie's List on the American Family's Association's"Bigotry Map." According to the AFA's description of the company, "Angie's List opposes religious liberty laws, which force Christians to violate their faith or face punishment by government."
I would add that it is not just Christians. The RFRA legislation Oesterle opposed protects people of all religious faiths from being compelled to act in a way contrary to their faith. Fortunately it appears that religious conservatives are finally organizing to stand up to corporate bullies like the Oesterle and Marc Benioff of SalesForce who in one breath preach tolerance while engaging in the worst sort of intolerance when it comes to respecting people's religious beliefs. If the leaders of these companies find that attacking religious freedom comes at a price, they'll be less inclined to do so in the future.