Etsy reports record results in 2023 financials

Etsy has reported its “highest ever” annual gross merchandise sales (GMS) at over £13 billion in the full year ended 31 December.

The American e-commerce marketplace also reported its highest ever annual revenues at £2.7 billion – up 7.1 per cent on 2022.

“For the full year, our operational rigor and capital light business model have allowed us to deliver about $754 million in consolidated Adjusted EBITDA, at 27.4 per cent margin, converting nearly 90 per cent of that adjusted EBITDA to free cash flow,” said Etsy chief financial officer Rachel Glaser.

Etsy also reported its highest ever quarterly revenues of around $842 million in the three months ended 31 December 2023.

The company said it had achieved the result, which was up 4.3 per cent compared with the same quarter of 2022, due to healthy GMS flow through, strong growth in Etsy Ads and good contribution from payments.

"We made significant product and marketing investments to support the important holiday period, and our fourth quarter consolidated adjusted EBITDA grew to an all-time high of $236 million,” continued Glaser.

Looking ahead, Etsy shared that it has ambitious plans to invest in a portfolio of growth initiatives in 2024, with a key focus on making Etsy an “indispensable partner” for gifting.

“We recently launched Gift ModeTM, an interactive hub for gifting that combines AI and human curation to help shoppers find the perfect present — just the beginning of our bold plans to drive buyer consideration and frequency,” said Etsy chief executive Josh Silverman.

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