A crafty surprise

Shares in Etsy soared after the online crafts marketplace reported higher profit and revenue than analysts expected.

The Brooklyn, New York company said Tuesday that its third-quarter earnings slumped about 23 percent from a year earlier as the company booked one-time charges and gains related to interest costs and a tax benefit.

Revenue jumped 41 percent, driven by growth in the company’s marketplace and services segments.

Both results topped Wall Street’s expectations. Management credited a new pricing structure put in place this summer for making more money available to boost investments in marketing and product initiatives. It noted that it has increased marketing spending in the back half of this year.

In June, Etsy hiked the fee it charges users to make sales on its service.

Etsy shares vaulted 23.7 percent Wednesday.