Angie’s List Inc. (NASDAQ: ANGI) is proving the point we made long ago that it was a company that never really seemed like it needed to be public. The services review website posted a 15% earnings gain, due to a growing membership base and its number of service providers.

Still, shares are getting crushed as the earnings were short of expectations. The earnings came in at $0.05 per share, which appeared to be $0.12 if you back out items, but there was initially some confusion. Thomson Reuters had estimates of $0.13 in earnings per share. Revenues were up 49% to $68.8 million in the fourth quarter, about $300,000 more than expected.

Guidance did not help matters either. Angie’s List sees first-quarter revenues coming in a range of $71.5 million to $72.5 million, versus the estimate of $74.1 million consensus estimate from Thomson Reuters.

Analysts are turning their back on Angie’s List. The stock was downgraded to Hold from Buy at Stifel Nicolaus and downgraded to Market Perform from a prior Strong Buy rating at Raymond James. RBC Capital Markets maintained an Outperform rating. Canaccord Genuity said that it saw slightly soft results, and guidance implies deceleration — it lowered the price target to $16 from $22.

Angie’s List shares were down about 14.5% at $14.60 after about 30 minutes of trading on Thursday. The 2.06 million shares was already more than 50% higher than a full day’s trading volume. The stock was up $1.10 from its low of the day, and shares have traded in a range of $11.88 to $28.32 over the past 52-weeks.

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