Shares of Etsy Inc.
ETSY,
dropped nearly 5% in the extended session Wednesday despite a headline beat for the online marketplace company. Etsy earned $62 million, or 45 cents a share, in the second quarter, compared with $73.1 million, or 51 cents a share, in the year-ago period. Revenue rose 7.5% to $629 million, with Etsy ads “once again a key driver of revenue growth,” the company said. Analysts polled by FactSet expected Etsy to report earnings of 42 cents a share on sales of $619 million. The company ended the year with $1.2 billion in cash and equivalents, and the board authorized a new $1 billion share buyback program. Etsy guided for third-quarter revenue between $610 million and $645 million, which compares with FactSet consensus of $632 million. “We are focused on bringing buyers back to the platform faster and for more shopping missions,” Etsy said in a letter to investors accompanying results.
