Shares in Etsy (NASDAQ:ETSY) picked up steam in after-hours trade Monday after the marketplace for artisan goods raised its guidance for the full year as part of its second-quarter earnings report.
Indeed, Etsy failed to disappoint its investors who sent its shares up nearly 9% to US$46.40 after the company missed Wall Street’s estimates for its second-quarter profit, but whizzed past revenue estimates.
The bright spot was that Etsy jacked up its revenue forecast for 2018 to US$587mln to US$596mln, up from the previous range of US$582mln to US$591mln.
Its reported net income, meanwhile, came in at US$3.4mln or US$0.03 per share on revenue of US$132.4mln.
Analysts had expected Etsy would earn US$0.04 on revenue of US$127.1mln.
On the list of its quarterly achievements was Etsy’s move to increase its seller transaction fee to 5% as of July. The move is expected to generate funds to support Etsy’s investments.
“We announced the first pricing change in the history of the company further improving our ability to reinvest in our seller community,” said CEO Josh Silverman in a statement.
The Brooklyn, NY-based retailer offers a platform that is used by makers of arts and crafts to sell their wares.