Leadership Transition
Josh Silverman announced his transition from CEO to Executive Chair, with Kruti Patel Goyal taking over as CEO effective January 1. The Board of Directors supports this transition.
Third Quarter Financial Metrics Exceed Expectations
GMS, revenue, and adjusted EBITDA exceeded expectations. GMS for Etsy and Depop combined returned to year-over-year growth, with a sequential improvement of approximately 300 basis points.
Depop's Strong Growth
Depop's GMS grew by 39.4% year-over-year, with new user growth and improvements to buyer conversion driving a 59% year-over-year growth in Depop's U.S. GMS.
App Engagement Increases
Engagement on Etsy's app home screen increased significantly, and app home GMS grew 20% year-over-year in the third quarter.
Machine Learning Enhancements
AI and machine learning advancements have driven double-digit increases in engagement metrics, improving conversion rates across search and ads.
Successful Capital Allocation
Etsy repurchased 2.1 million shares, reducing the share count by 17% since December 2023.