Etsy released the earnings results from its first fiscal quarter after closing bell tonight, sending shares into a downward spiral. The company posted a surprise loss of 84 cents per share on $58.5 million in revenue, a 44.4% year over year increase. Analysts had been expecting Etsy to post earnings of 3 cents per share with revenue of $58 million. In the same quarter last year, the company posted a loss of 1 cent per share on $40.5 million in revenue.
After tonight’s earnings report, shares of Etsy plunged, falling as much as 13.62% to $18.14 per share.