Etsy Inc on Wednesday beat estimates for quarterly revenue on steady demand for bags, party products and personalized gifts on its online marketplace, sending the company's shares up more than 5% in extended trading.
A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy's initial public offering on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar/File Photoon Wednesday beat estimates for quarterly revenue on steady demand for bags, party products and personalized gifts on its online marketplace, sending the company's shares up more than 5% in extended trading.
The company, a platform for sellers of handmade or vintage items, has remained popular with cost-conscious consumers after a pandemic-led spurt in growth when people shopped for cloth masks and craft supplies. "Shoppers are coming to us more frequently and spending more with Etsy," said Chief Executive Officer Joshua Silverman on a post-earnings call, adding the company is continuing to build the "Etsy habit."
Net revenue in the quarter ended Dec. 31 jumped 12.6% to $807.2 million for Etsy, compared with analysts' expectation of $751.8 million, according to Refinitiv. "Despite concerns about weaker consumer discretionary spending as well as the shift in consumer spending to services over goods, ETSY produced strong revenue growth and better-than-expected gross merchandise sales ," said Arun Sundaram, analyst at CFRA Research.
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