Etsy (NASDAQ: ETSY) reported Q1 EPS of $0.01, in-line with the analyst estimate of $0.01. Revenue for the quarter came in at $96.9 million versus the consensus estimate of $98.35 million.

The Company also announced that the Etsy Board of Directors has appointed Josh Silverman, a director on the Board since November 2016, as CEO, effective May 3, 2017. Josh succeeds Chad Dickerson, who will step down as CEO and Chair of the Board of Directors. Chad will serve in an advisory role to the Company through May 31, 2017. Fred Wilson, who joined the Etsy Board in June 2007 and has served as lead independent director since October 2014, will succeed Chad as Chair of the Board.

"During the first quarter, we laid the groundwork for key initiatives and launches that will enhance Etsy\'s capabilities and offerings for sellers and buyers, strengthen the brand and help position Etsy for long-term growth," continued Chad. "Etsy is actively investing in machine learning, search and marketing to attract new buyers and drive purchase frequency. Additionally, we just completed the successful launch of Etsy Studio. Although a challenging February contributed to lower than anticipated first quarter results, I am confident that the fundamental strength of Etsy's business and its unique competitive position will drive long-term growth for all stakeholders."

GMS was $719.0 million, up 14.2% compared with the first quarter of 2016. On a currency-neutral basis (excluding the direct impact of currency translation on GMS from goods that are not listed in U.S. dollars) GMS growth in the first quarter of 2017 would have been 15.2%. Growth in GMS was supported by 12.4% year-over-year growth in active sellers and 18.5% year-over-year growth in active buyers.

For earnings history and earnings-related data on Etsy (ETSY) click here.