Etsy Inc. (NASDAQ: ETSY) reported earnings results for the second quarter on Monday which missed estimates, but posted revenue that exceeded analysts’ expectations, and sent shares soaring after hours.
The E-commerce site said that it brought in quarterly earnings of USD 0.03 per share, missing the Zacks Consensus Estimate of USD 0.04 per share.
The quarterly results represent an earnings surprise of -25%. A quarter ago, it was expected that the online crafts marketplace would post earnings of USD 0.05 per share when it actually produced earnings of USD 0.10, delivering a surprise of 100%.
Etsy posted revenues of USD 132.39 Million for the quarter ended June 2018, surpassing the Zacks Consensus Estimate by 4.66%. This compares to year-ago revenues of USD 101.69 Million. The Company has topped consensus revenue estimates four times over the last four quarters.
Total revenue was up 30.2% from the year-ago period, thanks in part to growth in both Marketplace and Services revenue. GMS for the quarter gained 20.4% to touch USD 901.7 Million. Total operating expenses were down 4.5% to USD 7 4.2 Million.
“We've made meaningful progress to enable significantly more investment in the Etsy platform, and are leveraging our strong financial position to support what we believe is a long runway for future growth,” said Chief Financial Officer, Rachel Glaser.
Etsy now expects full-year revenue to fall in the range of USD 587 Million to USD 596 Million, up from previous guidance of USD 582 Million to USD 591 Million. This new guidance would represent growth of 33% to 35%.