Etsy Inc. (ETSY – Free Report) just released its latest quarterly financial results, posting earnings of 10 cents per share and revenues of $120.9 million.

Currently, ETSY is a #2 (Buy), but that could change based on today's results. Shares of the company have gained 13.7% over the past month and were flat during regular trading hours today.

The stock is currently down about 0.70% to $31.20 per share in after-hours trading shortly after its earnings report was released.

Etsy:

Beat earnings estimates. The company reported earnings of 10 cents per share, beating the Zacks Consensus Estimate of 5 cents per share. Net income came to $13 million.

Beat revenue estimates. The company saw revenue figures of $120.9 million, just edging past our consensus estimate of $120.19 million but surging 24.8% year-over-year. Total revenues were driven by growth in both the company's Marketplace and Services revenues.

GMS, or Gross Merchandise Sales, came to $861.1 million for the quarter, up 19.8% year-over-year. Growth here was supported by 9.4% year-over-year growth in active sellers and 16.9% year-over-year growth in active buyers.

As a result, Etsy raised its 2018 outlook, and is now expecting GMS year-over-year growth in the range of 14-16%, with revenue growth falling between 21-23%.

“We are pleased to report that GMS and revenue growth accelerated for the third consecutive quarter in Q1,” said Josh Silverman, Etsy CEO. “We believe these results underscore the size of the opportunity ahead for Etsy, as well as the continued momentum we are unlocking from our focused execution.  We are proud of the tremendous progress we have made in a short amount of time executing against our four key initiatives, and believe we are well positioned to capitalize on the many opportunities ahead.”

Here's a graph that looks at Etsy's recent earnings performance:

Etsy, Inc. Price, Consensus and EPS Surprise