When Etsy Inc. (NASDAQ: ETSY | ETSY Price Prediction) reported its second-quarter financial results after the markets closed on Wednesday, the e-commerce firm said that it had $0.75 in earnings per share (EPS) and $428.74 million in revenue. That compared with consensus estimates of $0.42 in EPS and $334.9 million in revenue, as well as the $0.14 per share and $181.10 million posted in the same period of last year.
During the most recent quarter, revenues grew 136.7% year over year. Marketplace revenues increased 145.6% to $332.0 million, and Services revenue increased 110.7% to $96.71 million.
Gross merchandise sales (GMS) grew 145.6% in the quarter to a total of $2.69 billion. GMS growth excluding mask sales for the Etsy marketplace was 93%, up $1.0 billion, and 14% of the Etsy marketplace’s overall GMS was from mask sales.
Etsy marketplace’s GMS per active buyer on a trailing 12-month basis grew 5% year over year and 6% excluding masks, higher than the record growth reached last quarter and evidence that the company drove an increase in frequency during the second quarter.
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In the second quarter, the Etsy marketplace delivered 11.5 million new buyers and 7.2 million reactivated buyers who haven’t purchased in a year or more. Consolidated active buyers grew 41.0%, and active sellers grew 34.6%.
Etsy said cash, cash equivalents and short- and long-term investments totaled $1.1 billion at the end of the quarter.
Looking ahead to the third quarter, the company expects to see revenues in the range of $366 million to $426 million, with GMS of $2.2 billion to $2.5 billion. Consensus estimates call for $0.21 in EPS and $278.66 million in revenue for the quarter.
Etsy stock traded down about 5% early Thursday to $128.88, in a 52-week range of $29.95 to $136.29. The consensus price target is $107.88.
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