By Mackenzie Tatananni
Etsy stock slid after the e-commerce company posted fourth-quarter revenue that fell short of Wall Street's expectations.
The parent of the secondhand marketplace Depop and Reverb, a platform for selling musical equipment, reported revenue of $852.2 million for the December quarter. While the figure marked a record for the company and a 1.2% increase from the prior year, it fell below the consensus call for $861.8 million among analysts tracked by FactSet.
Shares of Etsy slipped 5.9% to $53.90 in premarket trading.
CEO Josh Silverman cited "significant" headwinds affecting gross merchandise sales, or GMS, in 2024. In the fourth quarter, gross sales of merchandise on the Etsy marketplace declined 8.6% from the previous year to $3.3 billion, while consolidated GMS, representing the total dollar value of items sold across all Etsy-owned platforms, declined 6.8% to $3.7 billion.
Management pointed to pressure on discretionary spending, a highly competitive retail environment, and "challenging year-over-year comparisons in a shortened holiday season."
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
February 19, 2025 08:43 ET (13:43 GMT)
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