Etsy Inc. (ETSY) shares declined 13.81% in after-hours on Wednesday, August 04, 2021, and closed the daily trading at $174.20 per share. In the regular trading session on Wednesday, ETSY’s stock gained 6.11%. ETSY shares have risen 55.70% over the last 12 months, and they have moved down 0.41% in the past week. Over the past three months, the stock has gained 9.50%, while over the past six months, it has declined 3.79%.
Let’s see what are the latest news about the company?
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ETSY recent financial results announcement
On August 4, 2021, Etsy, Inc. announced results for its second quarter ended June 30, 2021.
Q2 2021 financial highlights
- Etsy Consolidated revenue was $528.9 million in Q2 2021 compared to $428.7 million in Q2 2020.
- Total operating expenses were $290.8 million in Q2 2021 compared to $198.3 million in Q2 2020.
- It reported a net income of $98.3 million or diluted earnings per share of $0.68 in Q2 2021 compared to $96.4 million or diluted earnings per share of $0.75 in Q2 2020.
- In Q2 2021, non-GAAP Adjusted EBITDA was $139.5 million compared to $150.63 million in Q2 2020.
- As of June 30, 2021, the company had $2.5 billion in cash, cash equivalents, and short-term investments.
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Updated FY 2021 financial outlook
For FY 2021, the company revised its financial guidance and now expecting
- Revenue to be in the range of $500 million to $525 million.
- Adjusted EBITDA margin in the range of 25% to 28%.
ETSY completed Acquisition of Depop
On July 13, 2021, Etsy, Inc. announced the completion of its previously-announced acquisition of Depop for approximately $1.625 billion consisting of primarily cash and subject to certain adjustments. Depop, a community-powered, purpose-driven marketplace to buy and sell unique fashion, extends Etsy’s opportunities further into the high-frequency apparel sector, specifically in the fast-growing resale space serving the Gen Z audience.
The “Etsies” collaboration with klarna
The Etsy Design Awards, the “Etsies” joined forces this year with Klarna and announced the Klarna People’s Pick Award. The winner received a $5,000 prize, a winner shop badge, mentorship from Etsy experts, and features on Etsy’s marketing channels including social media, blog, email, and an Editor’s Picks page.
ETSY completed the acquisition of Elo7
On July 6, 2021, Etsy, Inc. completed its previously-announced acquisition of Elo7. The Elo7 marketplace specializes in unique, handmade items, and is ranked as a top 10 e-commerce site in Brazil.
Elo7 operates an online marketplace for handmade items under 40 retail categories. Etsy acquired Brazil-based Elo7 for $217 million in cash.
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Conclusion
The stock plummeted in the after-hours on Wednesday after the company revised its FY 2021 financial outlook which did not show any significant growth. The Q2 2021 results were not the reason behind its Wednesday loss.
