Etsy screen grab

Picture copyright
Etsy

The chief govt of on-line crafts market Etsy has resigned after the agency reported poor earnings.

Chad Dickerson, who was additionally chairman, might be changed by former eBay govt Josh Silverman.

Etsy made an surprising lack of $421,000 (£325,000) within the first three months of 2017 – having earned $1.2m a 12 months earlier.

It additionally introduced it was chopping 80 jobs – or about eight% of its workforce.

Etsy shares fell 17% in after-hours US commerce after the bulletins.

The e-commerce web site stated it had gross sales of $96.9m within the three months to March, an 18% enhance from the 12 months earlier than. Nonetheless that also got here in under analyst estimates.

Etsy listed on the Nasdaq in 2015 after changing into referred to as the eBay for artisanal and handcrafted objects.

Nevertheless it has come underneath investor strain to restructure with one in every of its shareholders, Black-and-White Capital, this week saying the agency must discover a sale.