Etsy said diluted earnings for the three months ending in March came in at 24 cents per share, up more than twice the level of last year and bang in-line with the Street consensus forecast. Group sales, however, missed analysts' forecasts of $1.7 billion, even as they rose 40% to $169.339 million, pressuring shares in pre-market trading. Gross merchandise sales on the platform, the company said, rose 18.9% and passed the $1 billion mark for the first time.
"We're really encouraged by what we're seeing in the UK and now Germany as well, where both of those markets are now more than 50% domestic trade. So buyers buying in the UK, more than 50% of their purchases come from sellers in the UK," CEO Josh Silverman told investors on a conference call late Wednesday. "And we think that's a really encouraging sign. We'd love to see that repeated in France, and Australia and Canada and we're growing our presence in India. Although India, I want to point out we're really focused on in export strategy in India. Those are the core markets we're focused on."
"[Etsy is], by the way, the Anti-Amazon, [Etsy CEO Josh Silverman] actually talks about just something to about what he hates. You said you're a, you know, if you have to deal with a barcode, you're in bad shape," said Jim Cramer.