Etsy Misses Earnings, Revenue Expectations in First Earnings Report

Etsy (ETSY) shares were down as much as 18% after it delivered quarterly results that missed expectations. This was the online store's first report since going public. The e-commerce company announced a loss of 84 cents a share on revenue of $59 million. The company says it will increase hiring and spend more on marketing to try to turn things around. Another problem Etsy is facing is counterfeit goods. Analysts say the fake goods are bringing down the business and causing quality sellers to flee the site. Etsy has traditionally not commented on the sale of counterfeit items. Etsy is the 5th most visited online marketplace in the world.