Dec. 15, 2023
BROOKLYN, N.Y. – Third quarter results for Etsy, Inc. showed consolidated revenue of $636.3 million, up 7.0% versus the third quarter of 2022, with a take rate (i.e., consolidated revenue divided by consolidated GMS) of 20.9%. According to an Etsy press release, solid revenue growth was primarily driven by growth in Etsy Ads, payments revenue, and transaction fee revenue from Offsite Ads.
“Etsy’s consolidated results were in line with expectations for modest top line growth and very strong profitability,” said Josh Silverman, Etsy, Inc. CEO. “While we are undoubtedly operating in a challenging environment for spending on consumer discretionary items, we believe that we are at least holding our share gains in our top categories.
“We are making great progress, through focused and impactful product launches and marketing programs, to highlight Etsy’s high quality merchandise, at great value, that is reliable and convenient, and believe that these efforts will enable us to build buyer consideration,” Silverman continued. “We believe that our TAM is enormous, our market share remains small, our value-proposition is highly differentiated, and we are solving for something no one else is – Keeping Commerce Human.”
Additional highlights include:
• Etsy marketplace of $2.7 billion, up 1.0% year-over-year and down 0.3% on a currency-neutral basis.
• Growth in active buyers accelerated again this quarter with a 4% year-over-year increase, setting a new all-time high of 92 million. United States active buyer trends returned to modestly positive year-over-year growth for the first time in seven quarters, and international active buyer growth remained strong.
• Consolidated net income was $87.9 million, up $1.1 billion year-over-year, reflecting an impairment charge in the third quarter of the prior year of $1.0 billion in aggregate to the goodwill of Depop and former subsidiary, Elo7.
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