Etsy Didn’t Need Elon’s Pump To Go Berserk After Strong Earnings

Back on January 27, Tesla’s CEO praised e-commerce company Etsy, saying that he bought a gift from the site for his dog. Musk shared a tweet saying, “I kind love Etsy,” following it up with another post where he explained that he had bought a “hand-knit wool Marvin the Martian helm” for his pet.

Shares of Etsy [$ETSY] levitated over 3% in after-hours trading Thursday after the online crafts marketplace easily outpaced expectations with its holiday-quarter results and issued a rather auspicious forecast. 

The company announced a Q4 net income of $149 million, or $1.08 cents a share, up from $31 million, or 25 cents a share, in the year-earlier quarter. Analysts were expecting 59 cents in earnings per share. The company also posted a revenue of $617 million, up from $270 million a year earlier and more than $100 million ahead of the consensus, which sought for $516 million.

Etsy was founded in Brooklyn, New York back in 2008.

What’s more, Etsy saw gross merchandise sales of $3.61 billion for the quarter, more than double the $1.66 billion that the company posted a year earlier. “Product enhancements and disciplined marketing investments worked together to increase buyer lifetime value, enabling us to increase spend in marketing while maintaining high return on investment,” CFO Rachel Glaser said in Etsy’s earnings release. 

The company expects $513 million to $536 million in first-quarter revenue, while analysts were expecting $383 million. Etsy shares have jumped nearly 300% over the past 12 months, is that good?

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