The company's CEO William Oesterle told the newspaper that new members in New York, Washington, Chicago, San Francisco, Indianapolis and some other markets are paying $10 for an annual membership, down from around $40.
Shares fell more than 17 percent Thursday to $17.31. That followed a drop earlier in the week when the company said Monday that Chief Technology Officer Manu Thapar had left the company.
A representative from Angie's List did not immediately respond to an Associated Press request for comment.
Angie's List is a subscriber service that provides online access to business ratings and reviews. Its members can review services from dentists, doctors, veterinarians, gardeners, plumbers and other businesses.
The company went public in November 2011. It posted a loss during its second quarter, but the loss was narrower than it was a year before. Third-quarter results will be released Oct. 23. Shares are up 33 percent since its initial public offering price of $13.
Janney Capital Markets' Shawn Milne said that the lower-pricing test seemed to be over as of Thursday morning, but he said the company may continue to test lower pricing. He expects average revenue from each user to fall 8 percent to $28.79 this year and 5 percent to $27.32 next year.