Etsy ( NASDAQ: ETSY ) shares rose over 9% after posting strong Q3 sales and forecasting strong gross merchandise sales.
For the third quarter, the ecommerce company reported mixed results , with a wide miss on the bottom line despite a notable beat on the top line. Consolidated gross margin sales for the quarter came in at $3B.
"We are pleased that Etsy's business has remained strong in a volatile environment and we believe our sustained performance is a testament to Etsy's unique position in e-commerce where, in a world of mass commodities supplied by companies obsessed with speed and scale, Etsy is the antidote," CEO Josh Silverman said. We've continued to invest to bring even more joy to the very human experiences of selling and buying on Etsy and have a lot of conviction that not only is e-commerce poised for meaningful growth over the medium-term, but each of the four Etsy marketplaces has a unique reason to succeed and win."
For the fourth quarter, the Brooklyn-based company expects $700 to $780M in revenue, essentially in-line with analyst consensus. Meanwhile, a GMS forecast between $3.6B and $4.0B suggests significant sequential acceleration into the holiday season.
Shares rose 12.05% shortly after the results were reported .
For further details see:
Etsy stock surge over 10% on revenue beat, strong sales forecast