Etsy has seen its stock rally today after it raised its guidance for the full year, having beaten analysts’ predictions in its second quarter.
The online marketplace saw sales jump 30 per cent year-on-year to $132.4 million (£102.11 million), comfortably above analysts’ expectations of $127.1 million (£98 million).
This included gross sales on its platform of $901.7 million (£695.4 million), up 20.4 per cent on the same period a year prior.
In light of the solid sales results it raised its guidance for full year revenues to come in at between $587 million (£452.7 million) to $596 million (£458.6 million), up from $582 million (£448.8 million) to $591million (£455.8 million).
Despite this, it missed predictions of adjusted earnings hitting four cents per share, instead coming in at three cents per share, blaming foreign exchange losses of $4.5 million (£3.47 million).
The news saw shares jump 8.5 per cent in after hours trading.
This follows a 35 per cent jump on Etsy’s share prices in June when it announced it was raising the commission it takes from sellers from 3.5 per cent to five per cent.
[stockdio-historical-chart stockExchange=”NYSENasdaq” width=”100%” symbol=”ETSY” displayPrices=”Area” performance=”false” from=”2018-01-01″ to=”2018-08-07″ allowPeriodChange=”false” height=”350px”]Click here to sign up to Retail Gazette‘s free daily email newsletter
