Etsy Stock Crashes After Catastrophic First Earnings Report

Etsy stock is unraveling like a poorly knit neckerchief. In its closely watched first earnings report as a public company, the online marketplace for handcrafted goods created a big disappointment, posting an enormous net loss of $36.6 million for the quarter. That is more than double Etsy's total $15 million loss for the entire year of 2014 and a huge jump from a relatively modest $500,000 net loss in the first quarter of 2014. Etsy made $58.5 million in revenues for the March quarter. In a statement, the CEO of Etsy, Chad Dickerson, played up the company's popularity, emphasizing its 1.4 million active sellers and 20.8 million active buyers.