Katherine Hamilton / Wall Street Journal : Etsy reports Q3 revenue up 11% YoY to $692.5M, above $668M est., net income of $853.5M after selling Depop, and gross merchandise sales up 9% YoY to $2.65B — The online marketplace operator's revenue rose 11% to 692.5 million in the third quarter — Etsy logged higher sales in the third quarter …
Etsy reports Q3 revenue up 11% YoY to $692.5M, above $668M est., net income of $853.5M after selling Depop, and gross merchandise sales up 9% YoY to $2.65B (Katherine Hamilton/Wall Street Journal)
In short
Etsy reported third-quarter revenue climbing 11 percent year-over-year to $692.5 million, comfortably beating the anticipated $668 million analyst estimate. Gross merchandise sales also saw a solid 9 percent increase compared to the same period last year, totaling $2.65 billion. Furthermore, the company recorded an exceptionally large net income of $853.5 million, which was primarily propelled by the financial impact of selling Depop.
Key points
- Stronger overall sales on the platform helped the marketplace operator beat revenue expec…: Stronger overall sales on the platform helped the marketplace operator beat revenue expectations for the third quarter.
- The strategic sale of Depop played a crucial role in significantly boosting the company's…: The strategic sale of Depop played a crucial role in significantly boosting the company's quarterly net income.
- Marketplace activity remained robust as gross merchandise sales climbed to nearly three b…: Marketplace activity remained robust as gross merchandise sales climbed to nearly three billion dollars compared to last year.