The stock fell on the miss of first-quarter sales and lower estimates of profit

Shares of Etsy, Inc. (ETSY) are falling during Thursday's trading session. The company reported a drop in gross merchandise sales for the first quarter. The e-commerce platform saw its gross merchandise figures decrease by over 3%, a setback driven by weakening consumer spending.

Etsy missed Wall Street expectations for first-quarter gross merchandise sales (GMS) and profit on Wednesday.