Why Etsy Soared 40.7% in November
Shares of Etsy (NASDAQ: ETSY) surged by 40.7% in November, according to data provided by S&P Global Market Intelligence. With this surge, shares of the e-commerce company are down just 37.1% year to date.
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The company reported a mixed set of earnings for its fiscal 2022's third quarter. On one hand, revenue grew 11.7% year over year (YOY) to $594.5 million, with gross profit increasing by 10.9% YOY to $420 million. However, expenses ballooned during the quarter, more than quadrupling YOY to $1.37 billion, resulting in Etsy reporting a net loss of $963 million compared to a net income of $90 million a year ago. Despite the rise in the top line, gross merchandise sales (GMS) dipped by 3.3% YOY to $3 billion, while active sellers and buyers edged slightly downward YOY to 7,396 and 94,149, respectively.
Source Fool.com
