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Etsy

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

Chad Dickerson, who was additionally chairman, can be changed by former eBay government Josh Silverman.

Etsy made an surprising lack of $421,000 (£325,000) within the first three months of 2017 – having earned $1.2m a yr 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 website stated it had gross sales of $96.9m within the three months to March, an 18% enhance from the yr earlier than. Nonetheless that also got here in beneath analyst estimates.

Etsy listed on the Nasdaq in 2015 after turning into generally known as the eBay for artisanal and handcrafted gadgets.

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