Etsy Inc. ETSY, -4.04% shares rallied in the extended session Tuesday after the online crafts site topped Wall Street estimates and raised its outlook. Etsy shares surged 11% after hours, following a 4% decline to close at $40.43 in the regular session.
The company reported third-quarter net income of $19.9 million, or 15 cents a share, compared with $25.8 million, or 21 cents a share, in the year-ago period.
Revenue rose to $150.4 million from $106.4 million in the year-ago period. Analysts surveyed by FactSet had forecast earnings of 7 cents a share on revenue of $149.9 million. For the year, Etsy said it expects revenue of $596 million to $600 million, while analysts expect $595.4 million.
- Etsy (NASDAQ:ETSY) trades higher after reporting Q3 results
- GMS was up 20.3% to $923M during the quarter. Active sellers +8%. Active buyers +17%.
- Marketplace revenue rose 43% during the quarter, while services revenue was up 37%.
- Etsy reports Q23 adjusted EBITDA of 34.0M vs. $22.8M a year ago.
- Looking ahead, Etsy expects full-year GMS of $3.87B to $3.89B vs. $3.84B to $3.90B prior and full-year revenue of $596M to $600M vs. $587M to $596M prior and $595M consensus.
- Etsy also announces a new $200M buyback program.
- Shares of Etsy are up 10.6% premarket to $44.75.