Etsy Inc. shares rallied in the extended session Tuesday after the online crafts marketplace topped Wall Street forecasts for the quarter. Etsy shares surged 11% to $8.23 after hours. The company reported fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization of $14 million on revenue of $87.9 million. Analysts surveyed by FactSet had forecast adjusted EBITDA of $12.4 million on revenue of $86.6 million. The company forecast revenue growth of 20% to 25% over the next three years, and growth at the high end of that range for this year, which would work out to revenue of up to $341.9 million for 2016. Analysts expect 2016 revenue of $347.9 million.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News