Etsy, Inc. (NASDAQ:ETSY) reported worse-than-expected first-quarter financial results on Wednesday.
Etsy reported first-quarter revenue of $645.954 million, which missed the consensus estimate of $646.33 million, according to Benzinga Pro. The company reported quarterly earnings of 48 cents per share, which missed estimates of 49 cents per share.
Consolidated GMS (gross merchandise sales) totaled $3 billion in the quarter, down 3.7% year-over-year.
“Our first quarter performance, while in line with our guidance, was pressured by the challenging environment for consumer discretionary products, which continues to be a headwind to Etsy marketplace growth,” said Josh Silverman, CEO of Etsy.
Etsy expects second-quarter GMS to be similar to its first-quarter performance with the downside being a mid-single-digit decline and the upside being the top end of a low single-digit decline. Etsy’s current outlook suggests a modest acceleration in year-over-year consolidated GMS in the second half of the year.
Etsy shares rose 1.6% to close at $69.74 on Wednesday.
These analysts made changes to their price targets on Etsy following earnings announcement.
- Needham cut the price target on Etsy from $95 to $75. Needham analyst Anna Andreeva maintained a Buy rating.
- Oppenheimer lowered the price target on Etsy from $80 to $75. Oppenheimer analyst Jason Helfstein maintained an Outperform rating.
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