Etsy stock skyrockets as company hikes full-year expectations

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Shares of e-commerce website Etsy climbed to a record high on Thursday after the company hiked its full-year revenue expectations and announced new tools for sellers.

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ETSYETSY INC41.81-1.37-3.17%

Etsy, which sells of one-of-a-kind items from independent sellers, now expects revenue growth of 32% to 34% in 2018, up from its previous forecast for 22% to 24%.

The company will also ramp up its direct marketing spending by at least 40% in 2018 and revamp its community platforms. Etsy will increase the transaction fee it charges when a seller makes a sale to 5% from 3.5%, and it will also apply to the cost of shipping. According to Etsy, this revised fee structure will enable it to further investments in marketing. The transaction fee changes will go into effect July 16.

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Etsy is also unveiling new subscription packages for sellers. According to the company, the new subscription packages will “support global sellers at different stages of growth.”

Etsy’s shares were up more than 33% on Thursday, putting the company on track to set an all-time high. The stock could also post its largest percentage increase on record, based on data going back to April 16, 2015. Shares are up more than 115% year-to-date.