Etsy's projection of a continued decline in Gross Merchandise Sales (GMS) for Q2 24, similar to Q1 24's performance, suggests a negative trend in the company's core business metric. This outlook is likely to impact investor sentiment negatively in the short term, as consistent declines in GMS could indicate underlying challenges in growth or market competition. The specificity of the forecast, including the expected range of decline, provides a clear basis for anticipating a negative impact on the stock price.