Market Overview

Etsy, Inc. Reports Third Quarter 2019 Financial Results

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BROOKLYN, N.Y., Oct. 30, 2019 /PRNewswire/ -- Etsy, Inc. (NASDAQ:ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced financial results for its third quarter ended September 30, 2019.

"During the third quarter we launched several transformative initiatives to serve as the building blocks for long-term, sustainable growth," said Josh Silverman, Etsy, Inc. Chief Executive Officer. "The core Etsy marketplace continued to perform well, with third quarter GMS and revenue growth of approximately 22% and 28% respectively. Through innovative solutions such as Etsy Ads and our new free shipping initiative, we are continuing to improve the core marketplace for buyers, while enhancing value for sellers and helping them grow. We are just beginning to see the impact of these initiatives, which we believe further our competitive advantages and will have a more meaningful contribution to our results in 2020 and beyond."

Third Quarter 2019 Financial Summary

(in thousands except percentages; unaudited)


The financial results of Reverb have been included in our consolidated financial results ("Consolidated") from August 15, 2019 (the date of acquisition). The unaudited key operating and financial metrics we use are:



Three Months Ended
 September 30,


% Growth
(Decline)
Y/Y


Nine Months Ended
 September 30,


% Growth
Y/Y


2019


2018



2019


2018


GMS (1)

$

1,200,371



$

922,513



30.1

%


$

3,319,228



$

2,685,273



23.6

%

Revenue (2)

$

197,947



$

150,366



31.6

%


$

548,381



$

403,665



35.9

%

Marketplace revenue

$

140,966



$

110,927



27.1

%


$

401,499



$

290,200



38.4

%

Services revenue

$

56,319



$

38,194



47.5

%


$

144,386



$

110,306



30.9

%

Net income

$

14,801



$

19,894



(25.6)

%


$

64,603



$

36,240



78.3

%

Adjusted EBITDA

$

42,076



$

34,035



23.6

%


$

131,644



$

88,151



49.3

%













Active sellers (3)

2,592


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