Etsy (NASDAQ:ETSY) lost ground following the company’s quarterly results. Etsy posted revenue of $807 million, smashing estimates of $752 million, according to Refinitiv. The company also forecast current quarter revenue of $600 million and $640 million, compared to estimates of $622 million.
The Brooklyn-based online retailer reported $0.77 in earnings per share for the fourth quarter on $807.2 million in revenue. Analysts had expected the company to report $0.80 in earnings per share and $751.65 million in revenue for the quarter.
“Despite significant macroeconomic headwinds, we maintained the vast majority of our pandemic gains and delivered double digit revenue growth and excellent profitability for the year,” CEO Josh Silverman said. "We believe our strong and steady performance proves the relevancy of our 'Right to Win' strategy, the focus and investment discipline of our teams, and the resiliency of our business model.”
The company’s take rate also increased sharply to 20%, exceeding the 19.4% consensus. Additionally, 95 million active buyers on the platform outpaced expectations by one million while 7.5 million active sellers came just short of the 7.7-million consensus estimate.
Moving forward, the company expects gross merchandise sales in the first quarter between $2.95 Billion and $3.15 Billion, just short of the $3.17-Billion consensus. A revenue forecast of $600 million to $640 million came in-line with the $621-million consensus. Adjusted EBITDA margin was guided to a range between 26% and 27% against a 26.9% analyst expectation.
ETSY gave back $6.98, or 5.4%, Thursday to $121.47.
