E-commerce company Etsy Inc. (NASDAQ: ETSY) on Wednesday announced financial results for the first quarter, reporting higher revenues.
- First-quarter consolidated revenue was $640.9 million, up 10.6% from the prior-year quarter
- Net income declined 13.4% year-over-year to $74.5 million from 86.1 million a year earlier
- Consolidated adjusted EBITDA was $170.3 million in the March quarter, up 7% year-over-year
- Etsy ended the first quarter with $1.1 billion in cash and cash equivalents and short- and long-term investments
- The company repurchased an aggregate of approximately $148 million, or 1,205,151 shares during the quarter
- Total GMS declined 4.6% to $3.1 billion and dropped 2.6% on a currency-neutral basis