Etsy Inc (NASDAQ:ETSY) stock was hit hard after the release of its earnings report for the third quarter of 2016.
In its earnings report for the third quarter of 2016, Etsy Inc announced that current CFO Kristina Salen is leaving the company. Salen is planning to leave ETSY to “pursue other professional opportunities,” in March 2017.
Salen is remaining with Etsy Inc for the next five months as the online retailer searches for her replacement. The company is planning to start the search immediately. Salen is the first CFO ETSY has ever had.
Etsy Inc also announced losses per share of 2 cents for the third quarter of 2016. This is better than the losses per share of 6 cents from the same time last year. It also managed to match the losses per share estimate that Wall Street had for the quarter.
Revenue reported by Etsy Inc in the third quarter of 2016 was $87.56 million. This is an increase over the revenue of $65.70 million it reported in the third quarter of 2015. It also came in above the $86.79 million in revenue that analysts were looking for in the third quarter of 2016.
Etsy Inc said that it expects revenue to grow by at least 30% for its fourth quarter of the year. The company didn’t provide an outlook for net income during this time. It claims that it is unable to due to the “difficulty of estimating certain items that are excluded from non-GAAP Adjusted EBITDA margin.”
ETSY stock was down 8% as of Noon Wednesday, but up 42% year-to-date
