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Etsy shares jumped in premarket trading on Wednesday after the company posted better-than-expected revenue for the first quarter.
Here’s how the company did:
- Revenue: $651.2 million vs. $643 million, according to LSEG
- Loss: Loss per share of 49 cents
The e-commerce company reported a net loss of $52.1 million, or 49 cents per share, due to Etsy taking a $101.7 million impairment charge from the sale of Reverb. Etsy said earlier this month it will sell off the musical instrument marketplace it acquired in 2019 to focus on its core marketplace and Depop, the secondhand marketplace it bought in 2021.
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