Earnings

Etsy shares pop as company beats on top and bottom lines

Products You May Like

In this article

Josh Silverman, CEO of Etsy
Adam Jeffery | CNBC

Etsy shares jumped more than 8% in after-hours trading on Wednesday after the company’s second quarter earnings beat on top and bottom lines.

Here’s how the company did:

  • Earnings per share: $0.51 vs. $0.31 estimated, according to Refinitiv
  • Revenue: $585 million vs. $556 million estimated, according to Refinitiv

Despite tough macroeconomic conditions, Etsy’s second quarter revenue grew over 10%. Etsy CFO Rachel Glaser attributed the growth to an increase in Etsy marketplace transaction fees, the addition of Depop and Elo7 to the company’s House of Brands portfolio, and the strength of its Etsy Ads product.

The Etsy marketplace also added approximately 6 million new buyers, which the company said is still a meaningfully elevated rate when compared to pre-pandemic levels.

“Our second quarter results once again reflect that Etsy has maintained most of our pandemic gains, and that we are able to deliver strong bottom line performance while simultaneously investing in key initiatives,” Etsy CEO Josh Silverman said in a press release.

Products You May Like

Articles You May Like

2024 Tax Changes: What You Need to Know
Stellantis and Aston Martin shares drop sharply after profit warnings amid China woes
Starbucks invests in two innovation farms to help climate-proof its coffee
Why your Roth IRA conversions could have ‘unintended’ tax consequences
Recursion gets FDA approval to begin phase 1 trials of AI-discovered cancer treatment

Leave a Reply

Your email address will not be published. Required fields are marked *