Why Etsy Stock Dropped This Week
Shares of (NASDAQ: ETSY) underperformed the market this week, dropping 18% through Thursday trading compared to a 2% decline in the wider market. That slump added to a tough year for owners of the marketplace platform stock, which is down 31% so far in 2023, according to data provided by S&P Global Market Intelligence.
This week's drop can be attributed to Etsy's quarterly earnings report, which showed some encouraging engagement trends but still left Wall Street wanting more.
Etsy announced on Wednesday that sales volumes were $3 billion on its marketplace, down less than 1% after adjusting for currency exchange rate shifts. Overall revenue, which includes seller fees, was up 8%. That result marked a slowdown from the prior quarter's 11% increase.
Source Fool.com
