Etsy (NASDAQ:ETSY) experienced a nearly 13% decline intra-day today after reporting Q2 earnings that fell short of expectations.

The company posted an EPS of 45 cents on revenue of $628.9 million. While the EPS exceeded the Street estimate of 42 cents, the revenue was slightly below the expected $618.6 million. The Gross Merchandise Value (GMV) for the quarter amounted to $3.01 billion, showing a decline of 0.6% year-over-year.

Despite the revenue and profit per share beating expectations, the GMV decrease caused concern among investors. However, Etsy’s marketplace still achieved an all-time high in active buyers during the second quarter, which highlights the company’s brand relevance and its ability to create opportunities for sellers.

Looking ahead to the current quarter, the company has provided guidance with a midpoint revenue projection of $627.5 million, which falls below the Street estimate of $632.4 million. Additionally, the GMV is projected to be $3.025 billion, again slightly below the Street’s estimate of $3.07 billion.

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