Photograph by Daniel Acker — Bloomberg/Getty Images

The online crafts marketplace disappointed investors with its first earnings report after its initial public offering last month.

By Jack Linshi
May 19, 2015

Etsy’s stock tumbled as much as 18% Tuesday after the online crafts marketplace delivered weak quarterly results.

The company reported a quarterly loss of $36.6 million, a seven-fold increase from the $500,000 loss in the same quarter one year ago, the Wall Street Journal reports. Etsy blamed the bigger loss on a tax provision linked to corporate restructuring.

Etsy also reported a 44% increase in quarterly revenue to $58.5 million, narrowly missing Wall Street forecasts of $59 million.

The results were Etsy’s first quarterly report since going public on April 16. On the first day of trading, the company’s shares opened at $31, about double its IPO price of $16. In after-hours, following the earnings report Tuesday, Etsy’s stock plunged to around $17. The shares had closed at $21 in regular trading ETSY .

For more about Etsy, watch this Fortune video:

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