Etsy stock plunges as weak guidance suggests pandemic e-commerce boom is stalling

Earnings

An employee walks past a quilt displaying Etsy Inc. signage at the company’s headquarters in the Brooklyn.
Victor J. Blue/Bloomberg via Getty Images

Etsy reported better-than-expected second-quarter results after the bell on Wednesday, but it gave guidance for the current quarter that suggests the pandemic-fueled commerce boom may be stalling.

The stock slid as much as 14% in extended trading.

Here’s how the company did:

  • Earnings: 68 cents per share vs. 63 cents per share expected, according to analysts surveyed by Refinitiv
  • Revenue: $528.9 million vs. $524.7 million expected, according to analysts surveyed by Refinitiv

For the current quarter, Etsy said it expects revenue to come in between $500 million and $525 million, implying a growth rate of 13.5% year-over-year at the midpoint. Analysts surveyed by StreetAccount were looking for third-quarter sales of $527.5 million.

This story is developing. Check back for updates.

Articles You May Like

The House just voted ‘yes’ on a bill that would increase Social Security checks for some pensioners
Spain’s Poorly Designed Tax Policy Hurts Its Competitiveness
Record numbers of wealthy Americans are making plans to leave the U.S. after the election
Here’s the deflation breakdown for October 2024 — in one chart
Embattled fashion house Burberry reveals massive overhaul sending shares to an all-time high