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