It did not hit as hard or as fast as Peloton’s crash, but it appears Etsy is reaching the end of its pandemic-driven boom.
In an overall brutal day for the stock market Thursday, the Brooklyn-based online marketplace stood out with a roughly 17% slide in share value and continued to trade downward Friday.
Traders are reacting in part to the company’s earnings on Wednesday, in which Etsy reported gross merchandise sales of $2.8 billion during the first three months of the year on its main marketplace, down 2.2% from the same period in 2021. Company guidance for next quarter predicts another slight year-over-year decrease in marketplace sales.
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