By Yasin Ebrahim
Investing.com -- Etsy surged in afterhours trading Wednesday after reporting second-quarterly results that beat analysts' estimates despite macro headwinds including a weaker consumer weighing on user engagement.
Etsy Inc (NASDAQ:ETSY) jumped more than 16% in aftermarket hours following the report.
Etsy reported earnings per share of 51 cents on revenue of $585.1 million, topping estimates of 32 cents on revenue of $558.5 million respectively.
Gross merchandise sales, or GMS, a key measures of performance fell 0.4% to $3.03 billion year-over-year, pressured by "macro headwinds including reopening, pressures on consumer discretionary spending, foreign exchange rate volatility, and ongoing geopolitical events," the company said. That was, however, in line with estimates for $3.0 billion.
Active sellers jumped 41% to $7.4 million, shy of estimates for 8.1 million, while active buyers increased 3.8% to 93.95 million, short of forecasts for 94.9 million.
Looking ahead to 2022, the company forecast GMS in a range of $2.8 billion to $3.0 billion and revenue between $540 million and $575 million. That compared with estimates for GMS of $3.08 billion and revenue of $571.7 million.