電商公司Etsy Inc（NASDAQ:ETSY）第四季度FY24財報發佈後，股價下跌。公司報告第四季度銷售額同比增長1.2%至8.522億美元，未達到分析師預期的8.6282億美元。合併GMS下降6.8%至37億美元。每股收益1.03美元，高於預期的0.94美元。 Etsy市場的GMS下降8.6%至33億美元，這是由於消費者可支配產品支出的壓力，縮短的假日季節中的年度對比挑戰，類別組合，以及高度促銷和競爭激烈的零售環境所致。活躍買家減少2.6%至8960萬人，每活躍買家的GMS在過去十二個月中下降了3.5%至121美元。 季度毛利增長8.2%至6.344億美元，毛利率爲74.4%。季度運營費用上升1.7%至4.793億美元。運營收入上升34.4%至1.551億美元，運營利潤率擴大了450個基點至18.2%。調整後的EBITDA提高6.4%至2.5064億美元，相應的EBITDA利潤率擴大了140個基點至29.4%。截至2024年12月31日，公司持有12億美元的現金和等價物。全年運營現金流總計7.525億美元。 展望：Etsy預計第一季度FY25的GMS下降率將與全年表現相似。公司預計第一季度調整後的EBITDA利潤率在25%至26%之間。 價格走向：截至週三，ETSY股價下跌10.2%至51.48美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Shares of e-commerce company Etsy Inc (NASDAQ:ETSY) are trading lower after the fourth-quarter FY24 earnings result.

The company reported fourth-quarter sales growth of 1.2% year-on-year to $852.2 million, missing the analyst consensus estimate of $862.82 million.

Consolidated GMS declined 6.8% to $3.7 billion. EPS of $1.03 beat the consensus estimate of $0.94.

Etsy marketplace GMS decreased 8.6% to $3.3 billion, a result of pressure on consumer discretionary product spending, challenging year-over-year comparisons in a shortened holiday season, category mix, and a highly promotional and competitive retail environment.

Active buyers declined 2.6% to 89.6 million. GMS per active buyer on a trailing twelve month basis slipped 3.5% to $121.

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Gross profit for the quarter increased 8.2% to $634.4 million with a gross margin of 74.4%. Operating expenses for the quarter rose 1.7% to $479.3 million. Operating income climbed 34.4% to $155.1 million and the operating margin expanded 450 basis points to 18.2%.

Adjusted EBITDA improved 6.4% to $250.64 million and the corresponsding EBITDA margin expanded 140 basis points to 29.4%.

The company held $1.2 billion in cash and equivalents as of December 31, 2024. The operating cash flow for the year totaled $752.5 million.

Outlook: Etsy expects first-quarter FY25 GMS to decline at a rate similar to the year-over-year performance reported for the fourth quarter of FY24.

The company expects first quarter adjusted EBITDA margin of about 25% – 26%.

Price Action: ETSY shares are trading lower by 10.2% at $51.48 at the last check Wednesday.

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