Business Corpus: Etsy Stock Dives On Mixed First-Quarter Results As Revenue Falls ShortEtsy stock fell Thursday, following a first-quarter earnings report after the close Wednesday that beat on earnings but missed on revenue, for the online dealer of arts and crafts. The post Etsy Stock Dives On Mixed First-Quarter Results As Revenue Falls Short appeared first on Investor's Business Daily.

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Etsy earnings for the first quarter came in above Wall Street estimates but revenue fell short, with the stock down Thursday morning.

Etsy (ETSY) reported results after the market close Wednesday. The stock hit a record high in early March, and was down 9.8% near 61.50 during morning trading on the stock market today.

An online provider of arts and crafts, Etsy reported adjusted earnings of 24 cents on revenue of $169.3 million. Wall Street expected earnings of 14 cents on revenue of $170 million.

The Etsy website sells custom made handcrafted goods, vintage items and other arts and crafts, including apparel.

Analyst Stays Positive On Etsy

KeyBanc Capital markets analyst Edward Yruma maintained a rating of overweight on Etsy stock and a price target of 90.

"Etsy continues to execute to improve the consumer experience," he wrote. "We think Etsy remains one of the most compelling long-tern secular stories in our coverage."

Etsy revenue rose 40% from the year-ago period. That maintained a streak of double-digit growth per quarter going back more than four years. It reported gross merchandise sales of $1 billion, up 19%. Etsy raised its guidance on gross merchandise sales for the year to a range of $4.6 billion to $4.8 billion. It also raised guidance on revenue to a range of $785 million to $797 million.

The company ended the quarter with cash and equivalents of $622 million.

"We began the year with a fresh slate of product initiatives and our teams' development velocity surged to an all-time high," Etsy Chief Executive Josh Silverman said in prepared remarks with the earnings release. "We are focused on unlocking Etsy's long-term growth opportunity by bolstering best-in-class search and discovery, leveraging human connections, building a trusted brand, and showcasing our vast collection of unique items."

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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The post Etsy Stock Dives On Mixed First-Quarter Results As Revenue Falls Short appeared first on Investor's Business Daily.