Why Etsy Stock Surged Today
Shares of Etsy (NASDAQ: ETSY) popped on Friday after the online marketplace reported solid growth in sales and profits. As of 2:25 p.m. ET today, Etsy's stock price was up more than 15%.
Gross merchandise sales (GMS) -- essentially, the total dollar value of transactions on its platform -- grew 16.5% year over year to $4.2 billion in the fourth quarter. Management credited the gains to a strong holiday selling season, including solid sales performances on Black Friday and Cyber Monday.
In a press release, CEO Josh Silverman said, "Reflecting on 2021, it is fair to say that Etsy has retained much of the positive impact we've seen from the dramatic adoption of e-commerce following the start of the COVID-19 pandemic."
Source Fool.com
