Etsy raises fees and revenue outlook, shares soar

Etsy raises fees and revenue outlook, shares soar | iNFOnews.ca
FILE- In this April 16, 2015, file photo, Jay Heller, the Nasdaq IPO Execution Officer, monitors Etsy's IPO at the Nasdaq MarketSite in New York. Etsy’s stock soared in early trading on Thursday, June 14, 2018, as the online crafts marketplace announced that it’s increasing its transaction fee and boosted its full-year revenue outlook. (AP Photo/Mark Lennihan, File)

BROOKLYN, N.Y. – Etsy’s stock is soaring after the online crafts company announced an increase in fees and boosted its revenue outlook for the year.

The Brooklyn company said Thursday that the transaction fee charged when a person or business makes a sale will rise from 3.5 per cent, to 5 per cent. It will also apply to the shipping cost. The fee will be increased starting on July 16.

Etsy Inc. has 2 million active sellers and nearly 35 million active buyers.

The company now sees 2018 revenue growth of between 32 per cent and 34 per cent. Its prior forecast was for 22 per cent to 24 per cent growth.

Shares jumped 28 per cent in afternoon trading to $42.12. The stock has doubled in the year to date.

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