Etsy CEO Josh Silverman suggested Thursday that the online marketplace's business would dodge the negative impact of the spreading coronavirus that is throwing many other companies in limbo.
The comment came after Esty stock ran the opposite of stocks that were reacting to the turmoil in the broader market. Etsy shares closed at $57.92 Thursday after surging 14% on a top- and bottom-line beat in its fourth-quarter report, which was released after hours on Wednesday. Comparatively, the major stock averages all fell more than 4% as investors remain shook about the novel COVID-19 virus.
Etsy connects sellers of handmade and vintage products with buyers. Cramer earlier that day endorsed Etsy as a "stay-at-home" technology stock that can outperform in this environment.
"We [had] over 40 million buyers just in the past 12 months on Etsy, and they run the gamut," Silverman said.
The company grew revenue by 35% from a year ago to $270 million in the December quarter. Full-year 2019 revenues added up to $818 million, up 35.6% from 2018, according to FactSet.
"Eighty-seven percent of sellers on Etsy are women and, you know, we think Etsy is the easiest path to entrepreneurship for anyone," Silverman added. "With 20 cents and creative energy, you can start a shop on Etsy and you can run it from your living room and sell it to the entire world."
To keep the momentum going, Silverman said the company will double down on television advertising in 2020. Etsy has invested heavily in digital ads on Alphabet's Google. Last quarter Etsy turned its focus to TV and was "really excited about the results," he said.
Advertising on TV "gives us the opportunity to tell the story of Etsy," he said.