Etsy announces second quarter 2022 financial report! 6 million new buyers!

It is learned that on July 27, Etsy announced its second quarter results ending June 30, 2022, with gross merchandise sales (GMS) of US$3 billion, a year-on-year decrease of 0.4%. Etsy said that the decline in GMS was due to macro-adverse factors, including reopening, reduced consumer discretionary spending, foreign exchange rate fluctuations and ongoing geopolitical events.

The GMS of the Etsy market was $2.6 billion, down 6.0% year-on-year. However, non-US GMS accounted for 44% of the total GMS, up 3% year-on-year. It can be seen that Etsy's cross-border business achieved strong growth in this quarter.

Etsy's consolidated revenue for the second quarter was $585.1 million, up 10.6% from the second quarter of 2021. Net income was $73.1 million, down 25.6% year-over-year, with diluted earnings per share of $0.51. The decline in net income was primarily due to increased employee compensation-related expenses, as the total number of employees increased by approximately 70% year-over-year, including an increase in the number of employees due to the acquisitions of Depop and Elo7.

Non-GAAP adjusted EBITDA was $162.7 million, and non-GAAP adjusted EBITDA margin was 28%, which was up 200 basis points compared to the second quarter of 2021.

In the second quarter, Etsy gained approximately 6 million new buyers, a significant increase in the number of new sellers compared to pre-pandemic levels. As of the end of the quarter, Etsy had approximately 5.3 million active sellers and 88.1 million active buyers.

Etsy CEO Josh Silverman said that the second quarter results once again reflected that Etsy maintained growth during the epidemic, and Etsy delivered strong results while investing in key initiatives. Despite the adverse effects of macroeconomic and geopolitical factors, the company's improvements in customer experience and advancement of the "Right to Win" strategy will help Etsy achieve long-term growth.

Editor ✎ Nicole/

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