{"id":33322,"date":"2023-05-03T22:01:24","date_gmt":"2023-05-03T22:01:24","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/etsy-tops-revenue-estimates\/"},"modified":"2023-05-03T22:05:15","modified_gmt":"2023-05-03T22:05:15","slug":"etsy-tops-revenue-estimates","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/etsy-tops-revenue-estimates\/","title":{"rendered":"Etsy tops revenue estimates on demand for personalized products, higher fees"},"content":{"rendered":"

By Granth Vanaik<\/p>\n

(Reuters) – Etsy Inc on Wednesday beat market expectations for quarterly revenue, benefiting from demand for products such as personalized gifts offered on its e-commerce platform as well as higher transaction fees, sending the company’s shares up about 2% in extended trading.<\/p>\n

Etsy – a marketplace for sellers of vintage or handcrafted goods – has maintained its popularity among cost-conscious shoppers after a pandemic-driven surge in growth when people bought cloth masks and craft supplies from the comfort of their homes. <\/p>\n

Marketplace revenue increased over 9%, primarily driven by the increase in transaction fee or the charge that a business has to pay every time it processes a customer’s payment, from 5% to 6.5%.<\/p>\n

Net revenues rose 10.6% to $640.9 million in the quarter ended March 31, compared with analysts estimate of $622.1 million, as per Refinitiv IBES data.<\/p>\n

However, the company’s consolidated gross merchandise sales (GMS), a key industry metric, fell 4.6% to $3.1 billion in the reported quarter as it saw pressures on consumer spending particularly for lower household income buyers, coupled with year-over-year declines in some larger categories such as home and living, and craft supplies.<\/p>\n

The categories that consumers are spending on aren’t necessarily found via Etsy, said Jessica Ramirez, an analyst with Jane Hali and Associates, adding “that’s where we still see some declines.”<\/p>\n

The company forecast second-quarter revenue between $590 million and $640 million, while analysts expected $625.4 million. <\/p>\n

Etsy’s first-quarter adjusted EBITDA, a measure of profitability, came in at $170.3 million, while analysts on average were expecting $166.6 million.<\/p>\n

\n

(Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber)<\/p>\n

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By Granth Vanaik (Reuters) – Etsy Inc on Wednesday beat market expectations for quarterly revenue, benefiting from demand for products such as personalized gifts offered on its e-commerce platform as well as higher transaction fees, sending the company’s shares up about 2% in extended trading. Etsy – a marketplace for sellers of vintage or handcrafted […]<\/p>\n","protected":false},"author":8,"featured_media":33323,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-33322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ420YX-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33322","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=33322"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33322\/revisions"}],"predecessor-version":[{"id":33324,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/33322\/revisions\/33324"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/33323"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=33322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=33322"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=33322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}