By Deb Baratz / Moomoo News
$Etsy Inc (ETSY.US)$ rose more than 10% after hours Wednesday after the online retailer beat analyst estimates for quarterly sales.
ETSY gained 13% to $54.25 as of 5 p.m. ET after reporting quarterly sales of $662.4 million, beating analysts' reported consensus estimate of $652.8 million.
However, the firm also reported earnings of $0.45 per share, missing the $0.55 that analysts had reported expected.
“Our third-quarter consolidated results came in roughly as anticipated, with some incremental pressure on Etsy marketplace year-over-year [gross merchandise sales], healthy growth in revenue, and continued strength in our adjusted EBITDA profitability,” company CEO Josh Silverman said in releasing the results. "While 2024 has been a challenging period for discretionary goods, we are investing with discipline and focus to make Etsy even more Etsy -- which we believe will lift our boat when the tide comes back in again.”
