Etsy misses holiday-quarter sales estimates, shares fall

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Etsy misses holiday-quarter sales estimates, shares fall - Channel News Asia

Quick Summary:

Etsy missed Wall Street estimates for holiday-quarter revenue and gross merchandise sales, hurt by weak spending on gifts and handcrafted goods, sending shares of the online marketplace down 8 per cent in premarket trading on Wednesday.

Commerce Department's Bureau of Economic Analysis, demand for products such as furniture and accessories was weak as people prioritized essentials.

While consumer spending grew in the last three months of the year, according to the U.S.