Etsy's Sale Of Brazilian Marketplace Elo7 Will Sharpen Its Focus, Says Analyst
Portfolio Pulse from Shivani Kumaresan
Etsy Inc (NASDAQ:ETSY) has sold its Brazilian marketplace Elo7, a move that is expected to increase the company's focus and profitability. The terms of the deal were not disclosed. Etsy acquired Elo7 in June 2021 for $217 million. The company's shares are currently trading higher by 0.71% at $94.07.
July 18, 2023 | 5:50 pm
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Etsy's sale of Elo7 is expected to increase its focus and profitability. The company's shares are currently trading higher.
The sale of Elo7, which was a money-losing subsidiary, is expected to eliminate a drag to Etsy's overall profitability. This, along with the company's strong performance during the pandemic, is likely to have a positive impact on the company's stock price in the short term.
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IMPORTANCE 80
RELEVANCE 100