BUZZ-Etsy falls after CEO change, weaker-than-expected core sales ** Shares of Etsy ETSY.N down ~10% at $67.32 premarket
** Co names insider Kruti Goyal as its new chief executive officer, replacing Josh Silverman
** ETSY also posts weaker-than-expected core sales on the back of slowing demand
** Co posts GMS — a key metric to measure sales — of $2.72 billion, compared with last year's $2.92 billion and an average of three analysts' estimate of $2.76 billion, as per data compiled by LSEG
** Co also expects Q4 GMS to be in the range of $3.5 billion to $3.65 billion vs analysts' estimates of $3.53 billion
** Up to last close, stock up about 41% YTD
(Reporting by Anuja Bharat Mistry in Bengaluru)
((AnujaBharat.Mistry@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.