Etsy Inc (NASDAQ:ETSY) posted its second-quarter results today.
The company impressed, earning $11.7 million, or 10 cents per share, ahead of the year-ago loss of $7.3 million, or six cents per share. Analysts were calling for a loss of one cent per share.
Etsy’s revenue was also strong for the period, coming in at $101.7 million, topping the year-ago figure of $65.4 million by 19%. Wall Street’s consensus estimate was of $101.2 million, according to FactSet.
The retailer also increased its number of active sellers to 1.8 million, better than the 1.7 million sellers it had in the year-ago figure. Etsy has been cutting costs lately, reducing expenses by $20 million so far in 2017.
This figure is expected to reach $35 million by the end of the year. A key move towards reducing costs was the June announcement that the company would be reducing its workforce by 15%, amounting to roughly 230 jobs.
The transaction fee revenue for the company has grown in its second quarter to the tune of a 19.1% surge year-over-year. Its conversion rates for mobile and desktop users was also higher for Etsy.
Another segment that proved to be profitable and will be profitable moving forward is its seller services, which is responsible for Etsy payments, which is a key component of its business. This segment posted a 25% growth in the quarter.
ETSY stock surged 11.5% Friday.