Etsy Inc.’s stock rose quickly in extended trading Wednesday after the e-commerce company reported quarterly results that topped analyst revenue and earnings estimates. Etsy
ETSY,
-0.23%
reported fiscal first-quarter net earnings of $74.5 million, or 53 cents a share, compared with net earnings of $86.1 million, or 60 cents a share, in the year-ago quarter. Adjusted earnings were 60 cents a share.
Revenue climbed 11% to $640.9 million from $579.3 million a year ago. Analysts surveyed by FactSet had expected on average net earnings of 51 cents a share on revenue of $622 million. “We are pleased that Etsy has once again delivered solid top- and bottom-line performance in the first quarter, maintaining the vast majority of our pandemic gains in the face of stiff macroeconomic headwinds,” Etsy Chief Executive Josh Silverman said in a statement announcing the numbers. Etsy offered second-quarter revenue guidance of between $590 million and $640 million, in the range of the $627 million forecast by analysts polled on FactSet. The results initially sent Etsy shares soaring 11% in after-hours trading, but they closed the extended session up 4%. During the regular session Wednesday, Etsy was flat at $98.97. Shares of Etsy have slid 17% so far this year, while the broader S&P 500 index
SPX,
-0.70%
has increased 6.5%.
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