Etsy is crashing

Etsy is getting smoked in after-hours trading after the company reported its first results as a publicly traded firm.

The Brooklyn-based company reported a net loss per share of 84 cents.

It reported sales of $58.5 million, slightly above the estimate for $58 million, according to Bloomberg. Revenues rose 44.4% year-over-year.

The stock fell by up to 12% in after-hours trading and had tanked before the earnings were released.

"Our recent IPO is a milestone in our mission to reimagine commerce in ways that build a more fulfilling and lasting world," said CEO Chad Dickerson in the release.

"At the end of the first quarter of 2015, the Etsy community included more than 1.4 million active sellers and 20.8 million active buyers. We made progress down our path to make Etsy an everyday experience, build local marketplaces, globally, offer high-impact seller services, and expand the Etsy economy."

The stock surged 87.5% on the first day of trading.

It fell by up to 9% last Monday after Wedbush analysts downgraded the stock on concern that it has a huge problem with counterfeit goods.