Market Updates
Etsy Net Income Falls 40% After Platform Sales Volume Drops
Scott Peters
05 May, 2022
New York City
Etsy, Inc, the online marketplace, reported first quarter revenues increased 5.2% to $579.2 million and net income fell 40.1% to $86.1 million from a year ago.
Diluted earnings per share fell to 68 cents from $1.14 a year ago.
Consolidated gross market sales increased 3.5% to $3.3 billion and sales on the Etsy platform decreased 2.0% to $2.8 billion from a year ago
Consolidated gross market sales fell 20% from $4.2 billion in the fourth quarter 2021.
Active sellers in the quarter increased 63% to 7.6 million and buyers rose 4.9% to 95.1 million.
The company repurchases 420,398 shares for $68 million in the first quarter and the quarter with $1.0 billion in cash and cash equivalent and marketable securities.
Guidance and Outlook
The company guided between $540 million and $590 million revenues in the second quarter and gross marketplace sales between $2.9 billion and $3.2 billion and adjusted operating earnings margin of 25%.
Company and Stock
Etsy Inc is headquartered in Brooklyn, New York and employs about 2,400 people.
In today's trading, Etsy, Inc plunged 16.8% to close at $90.93 and has declined 57% in the year-so-far.
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