Etsy revenue soars as the company triples in size

Etsy recorded revenue growth of nearly 13 per cent to just over $807 million in the fourth quarter of 2022.

The figures come as the online marketplace reveals it is nearly three times the size it was pre-pandemic.

The company’s chief financial officer Rachel Glaser said that its strong holiday performance and accelerating GMS compared to three years ago enabled the business to end on a “high note”.

She says that Etsy has been careful about how it has grown its cost basis to keep up with the size of the business, which has led to “sustained profitable growth” and strong free cash flow.

One area of growth has been its purchase of Elo7, one of Brazil’s top e-commerce sites, for $217 million.

Last year, the company also announced plans to buy London-based peer-to-peer marketplace Depop for $1.6 billion.

"We are extremely proud of our team's ability to dramatically improve the Etsy customer experience over the course of 2022," said Etsy chief executive Josh Silverman. "Despite significant macroeconomic headwinds, we maintained the vast majority of our pandemic gains and delivered double digit revenue growth and excellent profitability for the year.”

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