BUZZ-Etsy falls after CEO change, weaker-than-expected core sales

Reuters
10/29
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))

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