Etsy shares fell 13% after hours Tuesday after the company reported weaker-than-expected second-quarter earnings . Etsy said it had a net loss of $6.4 million, or 7 cents per share, wider than the loss of $3.2 million, or 8 cents per share, posted in the year-earlier period. Analysts surveyed by FactSet expected a loss of 6 cents per share. The company reported sales of $61.4 million, above the FactSet consensus of $59.6 million. Etsy said it had close to 1.5 million active sellers and 21.7 million active buyers by the end of the second quarter. The company said results were favorably impacted by a $5.8 million currency exchange gain due to Etsy’s “revised global corporate structure”, which was partially offset by a $4.9 million tax provision related to the restructuring. For the third quarter, Etsy said it expects currency exchange rates to negatively affect gross merchandise sales and it plans to spend more on marketing and hiring. The revenue growth rate from Promoted Listings is expected to “decelerate” by the end of the third quarter, the company said.
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