After going public in April, Etsy has reported its first quarterly results yesterday. Esty posted a net loss of $36.6 million, or 84 cents a share, for the three months that ended March 31. In the year-ago quarter, the company reported a loss of $463,000. Revenue jumped 44% to $58.5 million.
Analysts polled by Thomson Reuters expected revenue of $59 million.
“Our recent IPO is a milestone in our mission to reimagine commerce in ways that build a more fulfilling and lasting world,” said Chad Dickerson, Etsy, Inc. CEO and chairman. “We made progress down our path to make Etsy an everyday experience, build local marketplaces, globally, offer high-impact seller services, and expand the Etsy economy. We will continue to concentrate on creating long-term value for Etsy and our community, which we believe will result in sustainable long-term returns for our investors.”
At the end of the first quarter, the company had more than 1.4 million active sellers and 20.8 million active buyers, an increase of 25.8% and 36.5% year-over-year growth, respectively.
The company attributes its growth in revenue to its Marketplace and Seller Services. Marketplace revenue grew 27.1% primarily due to growth in transaction fee revenue and, to a lesser extent, growth of listing fee revenue, the company said. Seller Services revenue grew 72.3% year-over-year, primarily due to growth in revenue from promoted listings.
The company attributed its net loss to non-cash, non-operating expenses related to the updated global corporate structure that was implemented in January of this year. According to the company, Etsy’s revised corporate structure was implemented to more closely align with its global operations and future expansion plans outside the U.S.