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Etsy Stock Dives as Retailer Warns of ‘Challenging Environment’ for Consumer Spending [Video]

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Ecommerce

Shares of Etsy, Inc. (ETSY) plummeted in Thursday morning trading after the e-commerce retailer reported quarterly earnings that came in short of expectations after markets closed Wednesday.

The stock was down 14.4% at $59.69 at around noon ET, after falling as much as 19% early in Thursday’s session to its lowest intraday level in four years.

While the number of active buyers on the site increased nearly 2% compared to the first quarter of 2023, gross merchandise sales (GMS) across the marketplace fell to $2.99 billion from the $3.10 billion Etsy reported last year.

Etsy reported first-quarter revenue of $645.95 million, up less than 1% from a year earlier and matching analysts’ estimates compiled by Visible Alpha. Income was also in line with estimates at $63 million, with diluted earnings per share (EPS) of 48 cents per share coming in one cent above estimates, but the numbers fell from $74.54 million and 53 cents per share in the year-ago quarter.

Chief Executive …

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