What's Going On With Etsy Shares Today?

Etsy Inc ETSY shares are trading higher Thursday 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.

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Morgan Stanley analyst Lauren Schenk maintained Etsy with an Equal-Weight rating and raised the price target from $75 to $76 following the company's quarterly results.

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

The stock was up 9.64% at $96.10 at time of publication.

Photo: Pexels from Pixabay.