Etsy Inc. banal fell 14% successful after-hours trading Wednesday aft the online marketplace institution reported quarterly income and nett supra Wall Street forecasts, but had less progressive buyers than investors expected.
Etsy ETSY, +6.11% said it earned $98.3 million, oregon 68 cents a share, successful the 2nd quarter, compared with $96.4 million, oregon 75 cents a share, successful the year-ago quarter.
Sales roseate 23% to $529 million, the institution said.
Analysts polled by FactSet expected the institution to study GAAP net of 64 cents connected income of $526 million.
Etsy said its marketplace got astir 11.9 cardinal caller and reactivated buyers who hadn’t purchased successful a twelvemonth oregon more. Its fig of progressive buyers roseate 50% to 90.49 million, portion the FactSet statement called for 91.05 cardinal progressive buyers for the quarter.
Etsy anticipated a diminution successful new-buyer maturation owed to the pandemic, but inactive added 8 cardinal caller buyers to its platform, astir treble the fig of caller buyers acquired successful the 2nd 4th of 2019, the institution said.
“Habitual buyers, those with six oregon much acquisition days and $200 oregon much successful walk successful the trailing 12 months, grew 115% year-over-year, continuing to beryllium our fastest increasing purchaser segment,” it said.
Chief Executive Josh Silverman said the institution expects mid-single-digit maturation successful gross merchandise income for its halfway Etsy Marketplace successful the 3rd quarter, and mid-teens GMS maturation excluding facemasks, an important income operator successful the 2nd 4th of 2020.
Shares of Etsy ended the regular trading time up 6.1%. So acold this year, its shares person risen astir 14%, compared to an beforehand of 17% for the S&P 500 scale SPX, -0.46%.