Etsy reports Q1 EPS 53c, consensus 55c

Reports Q1 revenue $640.9, consensus $622.09M. "We are pleased that Etsy has once again delivered solid top and bottom line performance in the first quarter, maintaining the vast majority of our pandemic gains in the face of stiff macroeconomic headwinds," said CEO Josh Silverman. "We’ve kicked off an exciting pipeline of product development and marketing initiatives to drive improved customer experiences and engagement in 2023." "Consolidated Q1 GMS came in a bit above the midpoint of our guidance as some of the Etsy marketplace volatility and headwinds we experienced during February eased in March," said CFO Rachel Glaser. "While we remain cautious on the broader macroeconomic climate, we are pleased to see positive trends in our first quarter 2023 buyer data, particularly the return to year-over-year growth in the Etsy marketplace’s active buyer base. Consolidated revenue grew 11% year-over-year, and our highly variable cost structure allowed us to deliver a healthy adjusted EBITDA margin of 26.6%. We believe that our disciplined investment approach can enable above e-commerce industry growth and best-in-class profitability on average and over time".