Etsy announced second quarter losses of $0.07 on revenue of $61.4 million. Analysts expected losses of $0.08 on revenue of $60 million.

In after-hours trading, Etsy’s stock is down roughly 14 percent.

Losses for the quarter totaled $6.4 million. Etsy had advised investors that expenses would be big in the second quarter. In addition to the impact of foreign exchange rates, the company said in Q1 that it planned to increase spending on staff hiring and marketing in Q2.

“At the end of the second quarter of 2015, our loyal and engaged community included nearly 1.5 million active sellers and 21.7 million active buyers,” CEO Chad Dickerson noted in the earnings statement.

In the first quarter, the company reported losses of $36.6 million on better-than-expected revenues of $58.5 million. The reported losses initially sent Etsy’s stock down 18 percent, and the stock has continued to decline since then to a low of $12.80. In early July, after Google noted that Etsy was enjoying a bump in traffic thanks to its algorithm, Etsy’s stock price began an upward trend. But today, the company’s stock closed at $19.20 a share, more than six percent below market open.

Etsy went public in April of this year, debuting on the Nasdaq at an impressive $31 a share.