Why Etsy Stock Surged Today
Shares of Etsy (NASDAQ: ETSY) climbed 11.5% on Friday after the online marketplace for handcrafted goods delivered strong fourth-quarter results.
Etsy's revenue soared 128.7% year over year to $617.4 million. Consumers and merchants are flocking to the e-commerce site. Active buyers surged 76.7%, while active sellers jumped 61.7%. That fueled a 118% increase in Etsy's gross merchandise sales -- essentially, the total amount of revenue earned by sellers -- to $3.3 billion.
"2020 was an inflection point in history for e-commerce and for Etsy, with millions of buyers choosing us for their everyday needs," CEO Josh Silverman said in a press release.
Source Fool.com
