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Etsy Q2 Results Top Estimates; Shares Surge

By Yasin Ebrahim

Investing.com -- Etsy surged in afterhours trading Wednesday after reporting second-quarterly results that beat analysts' estimates despite macro headwinds including a weaker consumer weighing on user engagement.

Etsy Inc (NASDAQ:ETSY) jumped more than 16% in aftermarket hours following the report.

Etsy reported earnings per share of 51 cents on revenue of $585.1 million, topping estimates of 32 cents on revenue of $558.5 million respectively.

Gross merchandise sales, or GMS, a key measures of performance fell 0.4% to $3.03 billion year-over-year, pressured by "macro headwinds including reopening, pressures on consumer discretionary spending, foreign exchange rate volatility, and ongoing geopolitical events," the company said. That was, however, in line with estimates for $3.0 billion.

Active sellers jumped 41% to $7.4 million, shy of estimates for 8.1 million, while active buyers increased 3.8% to 93.95 million, short of forecasts for 94.9 million.

Looking ahead to 2022, the company forecast GMS in a range of $2.8 billion to $3.0 billion and revenue between $540 million and $575 million. That compared with estimates for GMS of $3.08 billion and revenue of $571.7 million.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.