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.
Esty 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.