Two important lessons for Friday: Arts and crafts are apparently worth a LOT of money, and when Google speaks, people listen.
Related to this, shares of arts and crafts everything firm Etsy Inc. soared as much as 30% on Friday morning after Google Inc noted a big pick up in traffic to Etsy recently in its earnings call on Thursday afternoon. Of note, a 30% increase in share price represents an almost $550 million increase in market cap for the company.
Tech titan Google is also having a very good last day of the week, up almost 15% to over $695 per share after reporting blockbuster earnings for the second quarter.
More on Etsy’s big Friday move
Google unquestionably did Etsy shareholders a huge favor in specifically naming Etsy as one of several developers who have seen a major pick up in traffic due to Google’s ongoing efforts to fine tune indexing. Indexing is the method Google uses to organize data in order to assist people in finding what they are looking for on the Internet or within third-party apps.
The search giant commented that it currently has 50 billion links within apps indexed, and, moreover, that a solid 25% of signed-in Google searches on Android will produce deep links, ie, links that take users directly to content within an app or to a link so they can install the app.
Analysts also highlight that short interest in Etsy shares had increased over 400% since the company’s IPO as of the end of June, the most current data on short interest.
Statement from Google
“Developers like Etsy are already seeing a boost in traffic as a result of deep linking,” Omid Kordestani, Google’s chief business officer, commented during the firm’s earnings cc late Thursday afternoon.
Shares of online arts and crafts specialist Etsy are up just over 20% at $20.20 as of 1:13 PM EDT Friday.