Home / Tech news / Etsy chief executive quits after quarterly loss

Etsy chief executive quits after quarterly loss

Etsy screen grabImage copyright
Etsy

The chief executive of online crafts marketplace Etsy has resigned after the firm reported poor earnings.

Chad Dickerson, who was also chairman, will be replaced by former eBay executive Josh Silverman.

Etsy made an unexpected loss of $421,000 (£325,000) in the first three months of 2017 – having earned $1.2m a year earlier.

It also announced it was cutting 80 jobs – or about 8% of its workforce.

Etsy shares fell 17% in after-hours US trade after the announcements.

Restructure demands

The e-commerce site said it had sales of $96.9m in the three months to March, an 18% increase from the year before. However that still came in below analyst estimates.

Etsy listed on the Nasdaq in 2015 after becoming known as the eBay for artisanal and handcrafted items.

But it has come under investor pressure to restructure with one of its shareholders, Black-and-White Capital, this week saying the firm needs to explore a sale.


Source link

About admin

Check Also

Reddit launches its own video hosting platform

Image copyright Reddit Image caption Users in some pre-approved Reddit communities can now upload videos …

Leave a Reply

Your email address will not be published. Required fields are marked *