Etsy stock rallies on earnings beat
Etsy Inc. shares rallied in the extended session Tuesday after the online crafts site topped Wall Street estimates and raised its outlook. Etsy shares surged 11% after hours, following a 4% decline to close at $40.43 in the regular session. The company reported third-quarter net income of $19.9 million, or 15 cents a share, compared with $25.8 million, or 21 cents a share, in the year-ago period. Revenue rose to $150.4 million from $106.4 million in the year-ago period. Analysts surveyed by FactSet had forecast earnings of 7 cents a share on revenue of $149.9 million. For the year, Etsy said it expects revenue of $596 million to $600 million, while analysts expect $595.4 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.