Etsy stock soared Friday, which follows a fourth-quarter earnings report that soundly beat expectations. The Etsy (ETSY) earnings report came late Thursday.
The company reported adjusted earnings of $1.11 a share on revenue of $717.1 million. Analysts expected Etsy to report earnings of 79 cents on revenue of $684.5 million. Revenue rose 16% from the year-ago period.
Active sellers on Etsy jumped 72% to reach 7.5 million. Active buyers rose 17.6% to 96.3 million.
Etsy stock jumped 9% to 137.20, during morning trading on the stock market today. During regular-hours trading on Thursday, Etsy surged 10%, bouncing off an 18-month low.
Needham analyst Anna Andreeva maintained a buy rating on Etsy stock with a price target of 280.
Etsy Stock: Sales Figure Hits All-Time High
The company provides an online e-commerce platform where creators of arts and crafts, vintage items and other unique goods go to sell their products.
Among highlights in the quarter, said Etsy, gross merchandise sales per active seller hit an all-time high $136, up 16%. Also, more than half of Etsy’s 2020 active buyers, and 37% of 2020 new buyers came back to make a purchase in 2021.
The company also said consolidated gross merchandise sales came in at a record $4.2 billion, up 16.5%.
“Our record fourth quarter GMS performance was driven by an early and strong kickoff to the holiday season in October and extended strength through December,” the company said.
“Reflecting on 2021, it is fair to say that Etsy has retained much of the positive impact we’ve seen from the dramatic adoption of e-commerce following the start of the Covid-19 pandemic,” Chief Executive Josh Silverman said in written remarks with the Etsy earnings release.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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