Shares of Etsy Inc.
were up more than 3% in after-hours trading Thursday after the online crafts marketplace easily topped expectations with its holiday-quarter results and issued an upbeat forecast. The company reported fourth-quarter net income of $149 million, or $1.08 cents a share, up from $31 million, or 25 cents a share, in the year-earlier quarter. Analysts surveyed by FactSet were expecting 59 cents in earnings per share. Etsy posted revenue of $617 million, up from $270 million a year earlier and more than $100 million ahead of the FactSet consensus, which called for $516 million. Etsy saw gross merchandise sales of $3.61 billion for the quarter, more than double the $1.66 billion that the company posted a year earlier. Analysts tracked by FactSet were modeling $3.08 billion. “Product enhancements and disciplined marketing investments worked together to increase buyer lifetime value, enabling us to increase spend in marketing while maintaining high return on investment,” Chief Financial Officer Rachel Glaser said in Etsy’s earnings release. The company expects $513 million to $536 million in first-quarter revenue, while analysts were expecting $383 million. Etsy shares have gained nearly 300% over the past 12 months as the S&P 500
has risen 22%.
Go to the news source: Etsy revenue more than doubles, crushes consensus estimate