Why Etsy Shares Are Diving Following Amazon's Earnings Report

Etsy Inc ETSY shares are trading lower by 4.18% to $96.69 Friday morning in sympathy with Amazon.com, Inc. AMZN, which fell after the company reported worse-than-expected third-quarter sales results.

As an e-commerce peer to Amazon, Etsy operates a top-10 online marketplace operator. The firm dominates an interesting niche, connecting buyers and sellers through its online market to exchange vintage and craft goods.

What Happened?

Amazon reported third-quarter revenue of $127.1 billion, an increase of 15% year-over-year. The total came in shy of a Street estimate of $127. 84 billion according to data from Benzinga Pro.

The company reported earnings per share of 28 cents in the third quarter, beating a Street estimate of 22 cents per share.

Meanwhile, Amazon is guiding for fourth-quarter revenue to be in a range of $140 billion to $148 billion versus an analyst estimate of $155.15 billion...Read More

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Etsy has a 52-week high of $307.75 and a 52-week low of $67.01.