Why Etsy Shares Are Soaring After-Hours

Etsy Inc ETSY shares are up nearly 10% in after-hours Wednesday after the company reported strong top-line financial results.

Etsy said third-quarter revenue increased 11.7% year-over-year to $594.47 million, which beat average analyst estimates of $564.48 million, according to Benzinga Pro.

The company reported a net loss of $7.62 per share, of which $8.20 is represented by the impact of an impairment charge related to the goodwill of Depop and Elo7.

"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, CEO of Etsy.

Etsy expects fourth-quarter revenue to be between $700 million and $780 million versus average estimates of $742.04 million.

See Also: After-Hours Action: What's Going On With Qualcomm Stock?

ETSY Price Action: Etsy has a 52-week high of $223.22 and a 52-week low of $67.01.

The stock was up 10.10% in after-hours at $96.34 at the time of publication.

Photo: Jared Tarbell from Flickr.