This post was originally published on this site
Etsy said it saw 14.8 million new and reactivated buyers in the third quarter.
Getty Images
Etsy Inc. handily beat Wall Street’s earnings expectations Wednesday, which the online marketplace attributed to its unique offerings.
Etsy ETSY, -4.21% shares fell 1% in after-hours trading after closing at $139.64, down 4.21%, in the regular session.
“Consumer shopping habits have been greatly influenced by the events of 2020, and Etsy truly stands for something different,” said Etsy Chief Executive Josh Silverman in a statement.
Etsy provides a platform for sellers and buyers, and the company said it saw 14.8 million new and reactivated buyers in the third quarter. In a sign of our pandemic times, face-mask sales constituted 11% of Etsy’s gross merchandise sales, although the company pointed out that its GMS excluding mask sales was $2.2 billion, up 93% from the year-ago period.
The company reported net income of $91.8 million, or 70 cents a share, compared with $14.8 million, or 12 cents a share, in the year-ago period.
Revenue more than doubled to $451.5 million from $197.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 57 cents a share on revenue of $412.7million.
Brooklyn, New York-based Etsy’s shares are up nearly 220% this year. The S&P 500 Index SPX, -3.52%, meanwhile, is up 6.5% so far this year.
