NEW YORK (TheStreet) -- ETSY (ETSY) shares are down 13.2% to $18.23 in after-hours trading on Tuesday after the online retail marketplace reported its first quarter financial results following the closing bell today.
The New York City-based company is falling sharply after reporting a first quarter net loss of 84 cents per share, much wider than the break even quarter analysts had forecast for the company.
Revenue for the quarter did increase 44.4% year over year to $58.8 million, topping analysts' $58 million expectations.
"At the end of the first quarter of 2015, the Etsy community included more than 1.4 million active sellers and 20.8 million active buyers. We made progress down our path to make Etsy an everyday experience, build local marketplaces, globally, offer high-impact seller services, and expand the Etsy economy. We will continue to concentrate on creating long-term value for Etsy and our community, which we believe will result in sustainable long-term returns for our investors," said CEO Chad Dickerson.
The company debuted April 16 with the stock jumping 87% by the close of trading that day, but ETSY has experienced turbulence recently as shares have fallen sharply from their post IPO highs.