Etsy Inc. (ETSY) reported a decline in second-quarter profits compared to the previous year, falling short of Wall Street expectations.
The company posted earnings of $53.01 million, or $0.41 per share, down from $61.92 million, or $0.45 per share, in the same quarter last year.
On average, analysts had forecasted earnings of $0.45 per share, based on data compiled by Thomson Reuters. These analyst estimates generally exclude special items.
Despite the drop in profits, revenue for the quarter increased by 3.0%, reaching $647.806 million, up from $628.876 million the previous year.
Summary of Etsy Inc.'s second-quarter earnings report (GAAP):
- Earnings (Q2): $53.01 million vs. $61.92 million last year
- EPS (Q2): $0.41 vs. $0.45 last year
- Revenue (Q2): $647.806 million vs. $628.876 million last year
