ETSY - Is It Time To Throw in the Towel on Etsy Stock?
2024-05-06 12:41:00 ET
Etsy (NASDAQ: ETSY) just released another quarterly earnings report, and it was a doozy.
The crafty online marketplace, which is home to millions of artisans hawking various wares, has been spinning its wheels since the pandemic ended, and its latest quarterly numbers were yet another disappointment for investors. The stock finished down 12% on the news and is now trading at its lowest point since before the COVID-19 pandemic started.
The numbers were familiar to investors who have been patiently waiting for a turnaround. Gross merchandise sales (GMS), which represent the total dollar value of goods sold on the platform, fell 3.7%, which was impacted in part by the sale of Elo7, the Brazilian online marketplace that Etsy sold last year just two years after buying it.
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Is It Time To Throw in the Towel on Etsy Stock?