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Sep 30, 2022
Etsy Q3 2022 Earnings Report
Etsy's business remained strong in a volatile environment, demonstrating its unique position in e-commerce.
Key Takeaways
Etsy's Q3 2022 results showed a strong business performance despite a volatile environment. Consolidated revenue increased by 11.7% year-over-year to $594.5 million, while GMS decreased slightly by 3.3% year-over-year to $3.0 billion. The company reported a net loss of $963.1 million, primarily due to an impairment charge, but maintained a solid Non-GAAP Adjusted EBITDA of $167.8 million.
Consolidated GMS was $3.0 billion, a decrease of 3.3% year-over-year.
Consolidated revenue increased by 11.7% year-over-year to $594.5 million.
Net loss was $963.1 million, impacted by an impairment charge of $1.0 billion related to Depop and Elo7.
Non-GAAP Adjusted EBITDA was $167.8 million, with a margin of 28%.
Etsy
Etsy
Etsy Revenue by Segment
Etsy Revenue by Geographic Location
Revenue by Segment
Marketplace Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
Consolidated Revenue
CapyFin.com Forward Guidance
Etsy's guidance for Q4 2022 includes GMS of $3.6B to $4.0B, revenue of $700M to $780M, and an Adjusted EBITDA margin of approximately 27%.
Positive Outlook
- GMS: $3.6B to $4.0B
- Revenue: $700M to $780M
- Adjusted EBITDA margin: Approximately 27%
- Differentiated inventory across our House of Brands
- Variable cost model
Challenges Ahead
- Uncertainty in consumer spending on gift giving
- Uncertainty in online vs. in-mall shopping preferences
- Continued economic uncertainty
- Global macroeconomic uncertainty
- Volatility in general market conditions
Revenue & Expenses
Visualization of income flow from segment revenue to net income