Shares of Etsy, Inc. ETSY are trading down by more than 7% Thursday morning. The company reported its quarterly earnings and investors didn’t like what they saw.
In the second quarter, Etsy earned 68 cents a share, which beat estimates of 64 cents. The company also guided revenue estimates lower for the third quarter. It projects revenue between $500 million and $525 million, lower than the Streets estimates of $527 million.
If shares continue to trend lower, there’s a good chance they find support around the $164 level. It was previously support in May and June. Sometimes support levels stay intact for a long time, and that could be the case here.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
