Shares of Etsy (ETSY) just broke out, as expected.
At $139.18, the stock is now above the prior resistance of $127.78. From here, we’d like to see ETSY test $160 a share shortly. For one, Black Friday saw record online sales of $9.1 billion – 2.3% higher than a year earlier. Better, according to TheFly.com, shoppers were spending more on ETSY than the company’s own management had expected. If that’s the case, sales for the quarter could come in at the high end of management guidance.
Also, in its most recent quarter, the company posted better-than-expected earnings. Revenue came in at $594.5 million, up 11.7% year over year. That was also ahead of expectations for a range of $540 million to $575 million. Gross merchandise sales were $3, which put it at the higher end of its projected range.
“We are pleased that Etsy’s business has remained strong in a volatile environment and we believe our sustained performance is a testament to Etsy’s unique position in e-commerce where, in a world of mass commodities supplied by companies obsessed with speed and scale, Etsy is the antidote,” said Josh Silverman, Etsy, Inc. Chief Executive Officer.
“Our aspiration is for the Etsy marketplace to be the place for those who value human creativity, community, and feeling special. We’ve continued to invest to bring even more joy to the very human experiences of selling and buying on Etsy and have a lot of conviction that not only is e-commerce poised for meaningful growth over the medium term, but each of the four Etsy marketplaces has a unique reason to succeed and win.”
Look for higher highs with ETSY.