Etsy Q1 Earnings: Revenue Miss, EPS Miss, 'Challenging Macroeconomic Environment'
Portfolio Pulse from Adam Eckert
Etsy Inc (NASDAQ:ETSY) reported Q1 financial results with both revenue and EPS missing estimates. Revenue was $645.954 million against an estimate of $646.33 million, and EPS was 48 cents, missing the 49 cents estimate. GMS decreased by 3.7% year-over-year to $3 billion, with the Etsy marketplace contributing $2.6 billion, a 5.3% decrease. The company cited a challenging macroeconomic environment impacting discretionary spending as a key factor. Etsy ended the quarter with $1.1 billion in cash and investments. The outlook for Q2 GMS is expected to be similar to Q1, with potential for a modest acceleration in the second half of the year. Etsy shares dropped 13.56% after hours to $60.28.

May 01, 2024 | 8:28 pm
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Etsy's Q1 earnings missed estimates with a revenue of $645.954 million and EPS of 48 cents, alongside a 3.7% decrease in GMS. Shares fell 13.56% after hours.
The missed earnings and revenue estimates, combined with a year-over-year decrease in GMS and a significant after-hours stock price drop, indicate a negative short-term impact on ETSY's stock. The challenging macroeconomic environment and its effect on consumer discretionary spending are likely to continue affecting the company's performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100