ETSY - Why Etsy Stock Slumped This Week
2024-05-03 09:38:44 ET
Etsy (NASDAQ: ETSY) stock trailed the market by a wide margin this week, falling 14% through Thursday trading according to data provided by S&P Global Market Intelligence . That's compared to a 1% decline in the S&P 500 . The e-commerce retailer's performance is even worse once you zoom out. Shares are down nearly 30% in 2024 and have slumped by almost 40% in the past full year.
This week's decline was sparked by Etsy's first-quarter earnings update, which wasn't well received on Wall Street.
Etsy handled $3 billion of transactions in the selling period that ran through late March. That figure translated into a 4% decline, marking a deceleration compared to the prior quarter's 2% drop. In other words, Etsy's growth rate hasn't yet stabilized after sitting in negative territory for the past two full years.
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Why Etsy Stock Slumped This Week