Etsy Reports Profit for First Time Since 2016 Amid Cost Cutting
Shares in file storage company Box Inc. have fallen 31 percent since it began trading last year, and online crafts marketplace Etsy Inc. has dropped 54 percent.
Photographer: Victor J. Blue /BloombergEtsy Inc., the marketplace for unique and handmade goods, reported a profit for the first time since the first quarter of 2016.
The company posted net income of $11.7 million, or 10 cents a share, in the three months ended June 30, up from a loss of $7.3 million in the same period a year earlier. Analysts on average expected a loss of 4 cents a share. Second-quarter revenue rose 19 percent to $101.7 million, compared with the average analyst estimate of $101.3 million. Etsy also said growth in gross merchandise sales, the total value of goods that goes through its platforms, will be higher in the third quarter than the 12 percent increase in the second quarter.