© Reuters. Etsy Shares Surge 9% Following Q3 Beat
By Davit Kirakosyan
Etsy (NASDAQ:) shares soared more than 9% after-hours following the company’s reported , with EPS of $0.58 coming in better than the consensus estimate of $0.37. Revenue rose 11.7% year-over-year to $594.5 million, beating the consensus estimate of $562.56 million.
Consolidated GMS declined 3.3% year-over-year (up 0.7% on a currency-neutral basis) to $3.0 billion. GMS performance was impacted by macro headwinds including reopening, pressures on consumer discretionary spending, foreign exchange rate volatility, and ongoing geopolitical events. Etsy marketplace GMS was down 3.8% year-over-year (up 0.2% on a currency-neutral basis) to $2.6 billion.
“We are pleased that Etsy’s business has remained strong in a volatile environment and we believe our sustained performance is a testament to Etsy’s unique position in e-commerce where, in a world of mass commodities supplied by companies obsessed with speed and scale, Etsy is the antidote,” said Josh Silverman, the CEO of Etsy.
The company expects Q4/22 revenue to be in the range of $700-780 million, compared to the consensus estimate of $740 million. GMS is expected to be in the range of $3.6-$4.0 billion.