Can Etsy Take Advantage of Its Coronavirus Momentum?
As the calendar turned to 2020, no one would have guessed that coronavirus masks would be the hottest selling item on Etsy's (NASDAQ: ETSY) website.
Artisan sellers capitalized on the opportunity to make unique handcrafted masks that attracted millions of new and repeat buyers. This unexpected shot of adrenaline helped propel the company to its best quarter ever, but can this handcrafted online marketplace sustain its momentum?
Coming into the earnings call, expectations were high, but the actual results came in even higher. Management guided for year-over-year gross merchandise sales (the value of all goods sold on its marketplace) growth of 80% to 100% with revenue up 70% to 90%. But Etsy actually delivered a record $2.7 billion in gross merchandise sales (up 146%) for the second quarter, and revenue came in at a record $429 million, up 137% year over year.
Source Fool.com
