Angie’s List this week fired about 150 people, or 8 percent of staff, after reporting third-quarter losses that doubled from 2015. The stock has fallen 17 percent from a year ago.

The Indianapolis-based website employed about 1,800 before the cuts, according to the Indianapolis Star. Angie's List reported third-quarter revenue of $79.7 million, missing estimates of $82 million, while losses reached $7.5 million.

"As we covered on the earnings call yesterday, we're always looking to drive efficiencies and have identified another $15 million-$20 million in savings,” the company said in a statement. “These are primarily workforce related and targeting non-revenue generating headcount."

During the summer, the company dropped its paid subscription model in which users were charged a fee to access reviews of local businesses, USA Today reported. Instead, the company moved to a tiered model, which included a free subscription. The change resulted in a surge in new members, the company said.

Angie's List President and CEO Scott Durchslag told the newspaper that the company will work with Allen & Co. and BofA Merrill Lynch to explore options.