Etsy Inc ( ETSY ) reported second-quarter financial results before the market open on Wednesday. Here’s a rundown of the report.

Q2 Earnings: Etsy ( ETSY ) reported second-quarter revenue of $672.66 million, beating analyst estimates of $646.53 million, according to Benzinga Pro. The company reported second-quarter earnings of 25 cents per share, missing analyst estimates of 49 cents per share.

Total revenue was up 3.8% on a year-over-year basis, driven primarily by the performance of on-site ads. GMS (gross merchandise sales) totaled $2.8 billion in the quarter, down 4.8% year-over-year. Active buyers decreased 4.6% year-over-year to 87.3 million.

Etsy ( ETSY ) repurchased $335 million of its common stock in the second quarter. The company ended the period with $1.5 billion in cash, cash equivalents and short- and long-term investments.

“We’re seeing early success in our efforts to build a more browsable shopping experience, particularly on our App, amplified by more personalized marketing and emergent AI technologies. We believe this is creating a significant runway for growth,” said Josh Silverman, CEO of Etsy ( ETSY ).

Guidance: Etsy ( ETSY ) expects third-quarter GMS to be in the range of $2.6 billion to $2.7 billion. The company also guided for third-quarter adjusted EBITDA margin of approximately 25%.

“Getting the Etsy ( ETSY ) marketplace back to GMS growth in the near term is our number one priority, and we have four strategic initiatives designed with this in mind,” Silverman said.

“These include showing up where shoppers discover, matching shoppers with the right content through better machine learning, retaining and rewarding our most valuable customers, and further amplifying the human connection that makes Etsy ( ETSY ) unique.”

Etsy ( ETSY ) executives will further discuss the quarter on a conference call with investors and analysts at 8:30 a.m. ET.

ETSY Price Action: Etsy ( ETSY ) shares were up 8.52% at $65.44 at the time of publication Wednesday, according to Benzinga Pro.

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