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Etsy shares surge on third-quarter earnings, raises full-year guidance

Published
today Nov 8, 2018
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Etsy Inc raised its full-year revenue growth forecast and beat quarterly earnings, sending the e-commerce company’s stock up by double-digits on Wednesday. 

Etsy third quarter results beat estimates. - Facebook: Etsy

 
For its third quarter ended September 30, 2018, the craft-focused e-commerce company reported total revenue of $150.4 million, up 41.3 percent year-over-year. The growth was primarily driven by both marketplace and services revenue.
 
Gross profit for the third quarter was $103.4 million, up 47.7 percent year-over-year. Meanwhile, net income was $19.9 million, with diluted earnings per share of $0.15, down from $25.8 million, as Etsy increased its marketing spend.

Following a slow 2016, Etsy’s Chief Executive Officer, Josh Silverman noted that its new pricing structure, marketing and product initiatives all contributed to its quarterly growth.
 
"We put our new pricing structure to work by increasing investments in marketing and product initiatives to fuel growth. We also completed a major step in our migration to the Cloud, a key foundational investment as we scale for future growth,” Silverman explained.
 
Etsy reported gross merchandising sales (GMS) of $922.5 million in the third quarter of 2018. 
 
"Third quarter GMS and revenue increased 20.4% and 41.3% respectively from the prior year, as our financial results demonstrate continued operational execution and business momentum," commented Rachel Glaser, Etsy, Inc. Chief Financial Officer, in a news statement. 
 
"We are focused on leverage and return on investment as we have increased our marketing spend in the back-half of 2018."
 
In turn, the company raised its 2018 guidance for gross merchandise sales and revenue. 
 
It now expects gross merchandise sales growth in the range of 19 to 20 percent, up from previous guidance of 18 percent to 20 percent.
 
Meanwhile, it expects revenue for 2018 in the range of $596 million to $600 million, up from previous guidance of $587 million to $596 million.

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