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Etsy crafts first quarterly profit as a public company

Maker marketplace Etsy reported its first quarterly profit since going public, surprising analysts who predicted a loss with a profit of $1.2 million, or 1 cent per share, The Wall Street Journal reports.

Shares in the Brooklyn company were up 12% in after-hours trading to $9.41, though that’s still below the company’s initial offering price of $16 per share, according to The Wall Street Journal. As Etsy has expanded, it’s come to face increased competition from rivals like Amazon and a bit of an identity crisis, as larger companies sell their wares alongside the individual craftspeople who made the site famous. 

SM