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Etsy misses first-quarter sales, profit estimates on lower discretionary demand [Yahoo! Finance]
Last amazon.com, inc. earnings: 4/30 04:01 pm
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US:NASDAQ Investor Relations: phx.corporate-ir.net/phoenix.zhtml%3fc%3d97664%26p%3dirol-irhome
WHY IS IT IMPORTANT? Despite Etsy ramping up spending over the past quarters on promotions and advertising, it struggled to keep up with larger retailers in attracting bargain-hungry customers. It is also facing increasing competition from low-cost e-commerce platforms such as Temu. CONTEXT Persistent inflationary pressures have put off customers from spending on big-ticket non-essentials product categories including vintage handicrafts, jewelry and home decor. KEY QUOTES "Our first quarter performance ...was pressured by the challenging environment for consumer discretionary products, which continues to be a headwind to Etsy marketplace growth," said CEO Josh Silverman. "While considerably larger than it was pre-pandemic, Etsy is struggling to find ways to expand beyond its niche and attract buyers as Amazon and Walmart eat up a larger share of ecommerce spending," Eachel Wolff, analyst with eMarketer said. BY THE NUMBERS For the quarter, the company posted consoli
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