
Jabin Bastian 2023/05/04 2:14pm
What Happened: Shares of online marketplace Etsy (NASDAQ: ETSY) fell 8.62% in the afternoon session after the company reported first-quarter results that exceeded analysts' gross merchandise sales, revenue, and earnings per share (EPS) expectations. Buyer growth was also strong and above Consensus, with management seeing "positive trends in our first quarter 2023 buyer data, particularly the return to year-over-year growth in the Etsy marketplace's active buyer base". One negative is that free cash flow in the quarter missed. Additionally, gross merchandise sales guidance for next quarter was roughly in line while revenue guidance was below Consensus. Overall, it was a mixed quarter with management highlighting an uncertain macro. ... Continue Reading