Online crafts marketplace Etsy‘s shares soared Thursday after announcing it’ll take a larger percentage of each sale and raising its full-year guidance to reflect the higher revenue.
Shares opened up roughly 23 percent at $40.86, after closing Wednesday at $32.99.
The company said Thursday it was raising the base take rate — or the percentage of a sale that Etsy keeps for itself — from 3.5 percent to 5 percent, effective July 16.
It now expects full-year revenue growth between 32 percent and 34 percent, up from its previous guidance of 22 percent to 24 percent.
Etsy, whose platform connects artisans and crafters with online shoppers, also announced new subscription plans and tools for its independent vendors.
As of Thursday’s open the stock is up 100 percent year to date and more than 200 percent in the 12-month period.
Source: Tech CNBC
Online marketplace Etsy soars after increasing the fees it takes from each sale