Etsy shares jumped more than 8% in after-hours trading on Wednesday after the company’s second quarter earnings beat on top and bottom lines.
Here’s how the company did:
- Earnings per share: $0.51 vs. $0.31 estimated, according to Refinitiv
- Revenue: $585 million vs. $556 million estimated, according to Refinitiv
Despite tough macroeconomic conditions, Etsy’s second quarter revenue grew over 10%. Etsy CFO Rachel Glaser attributed the growth to an increase in Etsy marketplace transaction fees, the addition of Depop and Elo7 to the company’s House of Brands portfolio, and the strength of its Etsy Ads product.
The Etsy marketplace also added approximately 6 million new buyers, which the company said is still a meaningfully elevated rate when compared to pre-pandemic levels.
“Our second quarter results once again reflect that Etsy has maintained most of our pandemic gains, and that we are able to deliver strong bottom line performance while simultaneously investing in key initiatives,” Etsy CEO Josh Silverman said in a press release.