Q2 2024 ETSY Inc Earnings Call Transcript
Key Points
- Etsy Inc (ETSY) reported revenue growth of 3% year-over-year, reaching $648 million.
- The company posted a healthy adjusted EBITDA margin of approximately 28%, ahead of guidance.
- Etsy Inc (ETSY) saw a 210 basis point improvement in marketplace GMS performance from Q1 to Q2.
- The company has made significant progress in improving customer experience, particularly in gifting, which saw a 4% year-over-year GMS growth.
- Etsy Inc (ETSY) is leveraging AI and large language models to enhance search and recommendation systems, improving the visibility of quality listings.
- Consolidated GMS was down approximately 2.1% year-over-year, reflecting ongoing macroeconomic headwinds.
- Etsy marketplace GMS declined by 3.2% year-over-year, indicating challenges in maintaining growth.
- The company faces stiff competition in the increasingly crowded and promotional e-commerce landscape.
- Active buyer growth was modest, with only a 1% year-over-year increase, and GMS per active buyer decreased by 3.2%.
- The upcoming retirement of CFO Rachel Glaser may lead to transitional challenges as the company searches for her successor.
Hi, everyone, and welcome to Etsy's Q2 2024 Earnings Conference Call. I'm Deb Wasser, VP of Investor Relations. Today's prepared remarks have been prerecorded. Joining me today are Josh Silverman, CEO, and Rachel Glaser, CFO. Once we are finished with the presentations, we will take questions from our publishing sell side analysts on video.
Please keep in mind that our remarks today include forward-looking statements related to our financial guidance, our business, and our operating results as noted in the slide deck posted to our website for your reference. Our actual results may differ materially.
Forward-looking statements involve risks and uncertainties, some of which are described in today's earnings release and our most recent Form 10-Q, and which will be updated in future periodic reports that we file with the SEC. Any forward-looking statements that we may make on this call are based on our beliefs and assumptions today, and we disclaim any obligation to update them.
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