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Author: Alan LittleDate: 2021-08-06

Etsy (ETSY) -9% after “disappointing” Q3 guidance, slower Q2 growth

Etsy’s (ETSY) Q3 guidance was branded “disappointing” by Truist analysts on Thursday as its latest Q2 report suggested that its pandemic surge could be coming to an end.

Etsy (ETSY) shares slumped 9% on Thursday after Wall Street analysts described the craft-based e-commerce company’s Q3 guidance as “disappointing”.

Late on Wednesday, Etsy did impress with its Q2 returns as $0.68 earnings per share beat expectations by five cents and revenue of $528.9m eased past the $524.7m forecasts.

CEO Josh Silverman said that the latest performance was “quite remarkable”, but while revenue did grow 23.4% year-over-year, that figure was down from the +100% rise recorded during the previous four quarters.

Etsy expects Q3 revenue of between $500m and $525m, which underwhelmed against the $527.5m consensus.

There are now signs that Etsy’s pandemic-related surge is coming to an end as consumers turn their attention to offline pastimes.

Roth analysts were scathing in their post-report review, claiming that it was “hard to see how growth can re-accelerate” as it cut its rating to neutral and slashed its price target by $65 to $180.

Truist analysts believe that Etsy’s outlook is “disappointing”, though it still sees strength in the company’s core business, which should drive growth from Q1 2022 onward.

Jefferies analysts were more upbeat and saw nothing in the report to change their bullish long-term stance for Etsy.

ETSY plunged in early trading on Thursday though with the 8.92% decline meaning that shares were changing hands for $184.07 on the Nasdaq.

Roku (ROKU) also struggled after the total streaming hours on its media devices fell by 1 billion quarter-over-quarter to 17.4 billion, well short of the 19.4 billion figure analysts were expecting.

While Q2 earnings and revenue did beat forecasts, Roku slipped 4.47% to $400.38 after markets opened on Thursday.

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