A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy's initial public offering on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar/File PhotoEtsy missed Wall Street expectations for first-quarter gross merchandise sales and profit on Wednesday, hurt by lower demand for its handcrafted goods and personalized gifts at its online marketplace.
"While considerably larger than it was pre-pandemic, Etsy is struggling to find ways to expand beyond its niche and attract buyers as Amazon and Walmart eat up a larger share of ecommerce spending," Eachel Wolff, analyst with eMarketer said.For the quarter, the company posted consolidated GMS - a key metric to measure sales - of $3 billion, compared to analysts' average estimate of $3.12 billion, according to LSEG data.
The company posted quarterly revenue of $646 million, roughly below analysts' expectations of $646.3 million. It earned 48 cents per share, below estimates of 49 cents per share. The company's net income for the quarter was $63 million, compared with $74.5 million last year. Analysts on average expected $67.39 million, according to LSEG data.Shares of the company, which fell nearly 32 per cent in 2023, were down nearly 14 per cent in trading after the bell.
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