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Earnings Results: Etsy stock soars after beating Q4, full-year sales and profit estimates

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Etsy Inc. on Thursday reported fourth-quarter and full-year results that handily beat estimates, saying that it continued to benefit from the pandemic-related boost to e-commerce, and that it expects more of the same.

In a statement, Etsy Chief Executive Josh Silverman said his company remains “top of mind for consumers,” and that “more than half of Etsy’s 2020 active buyers, and 37% of new buyers, came back to make a purchase in 2021.”

The company’s shares surged more than 17% after hours, after rising 10% in the regular session to close at $128.16, snapping a five-day losing streak and reaching its highest close since Feb. 17. The company’s stock had been down 42.6% so far this year.

Etsy
ETSY,
+10.00%

said it had fourth-quarter gross merchandise sales of $4.2 billion, exceeding analysts’ expectations of $4.07 billion for an increase of 16% year over year.

The online-marketplace company reported fourth-quarter net income of $161.6 million, or $1.11 a share, compared with $148.5 million, or$1.08 a share, in the year-ago period. Taking into account income-tax costs, stock-based compensation and other costs, adjusted Ebitda was $218.8 million, which the company said was a record, compared with $192 million in the prior-year period. Revenue rose to $717.2 million from $617.4 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of 77 cents a share on revenue of $685.4 million.

For the full year, Etsy reported net income of $493.5 million, or $3.40 a share, compared with $349.3 million, or $2.69 a share, the previous year. Revenue increased to $2.33 billion compared with $1.73 billion in 2020. Analysts had expected full-year earnings of $3.05 a share on $2.3 billion in revenue.

Etsy expects first-quarter of $565 million to $590 million. Analysts are forecasting earnings of 81 cents a share on revenue of $630.4 million.

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