Etsy stock soared on Friday, which came after a healthy fourth-quarter earnings report that beat expectations. The etsy (ETSYThe earnings report came out late on Thursday.
The company reported adjusted earnings of $1.11 per share on revenue of $717.1 million. Analysts had expected Etsy to report a profit of 79 cents on revenue of $684.5 million. Revenue was up 16% over the same period last year.
Active sellers on Etsy jumped 72% to 7.5 million. Active buyers rose 17.6% to 96.3 million.
Etsy stock jumped 9% to 137.20, during morning trading in stock market today. During regular trading hours on Thursday, Etsy stock is up 10%, rebounding from an 18-month low.
Needham analyst Anna Andreeva has maintained a buy rating on Etsy stock with a price target of 280.
Etsy stock: Sales number reaches an 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 the highlights for the quarter, Etsy said, total merchandise sales per active seller reached an all-time high of $136, up 16%. Also, more than half of active Etsy buyers returned for 2020, and 37% of new buyers of 2020 returned to make a purchase in 2021.
The company also said total consolidated merchandise sales hit a record $4.2 billion, an increase of 16.5%.
“GMS’ record performance in the fourth quarter was driven by a strong early start to the holiday season in October and our strength stretching into December,” the company said.
“Looking back to 2021, it’s fair to say that Etsy has retained much of the positive impact we saw from the dramatic adoption of e-commerce after the onset of the Covid-19 pandemic,” CEO Josh Silverman said in written notes. with the Etsy earnings released.
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