Etsy, Inc. reported a total revenue of $2.8 billion for the fiscal year ending December 31, 2024, marking a 2.2% increase from $2.75 billion in 2023. The company's net income for the year was $303.3 million, slightly down from $307.6 million in the previous year. Adjusted EBITDA, a non-GAAP measure, rose to $781.5 million, reflecting a 3.6% increase from $754.3 million in 2023. The growth in revenue was driven by a combination of marketplace and services revenue, with marketplace revenue accounting for approximately 72% of total revenue.
In terms of operational metrics, Etsy's active sellers decreased by 10% to 8.1 million, while active buyers fell by 1.1% to 95.5 million. The decline in active sellers and buyers was attributed to challenging macroeconomic conditions affecting discretionary spending. The gross merchandise sales (GMS) for the year totaled $12.6 billion, a decrease of 4.4% compared to 2023, primarily driven by a decline in GMS from the Etsy marketplace, which was partially offset by growth in the Depop marketplace.
Strategically, Etsy completed the sale of Elo7, a Brazilian marketplace, in August 2023, which was part of a broader effort to streamline operations and focus on core markets. The company has also been investing in its technology infrastructure and marketing efforts to enhance user experience and drive engagement. In 2024, Etsy launched a seller set-up fee, which contributed to the increase in marketplace revenue, and saw a significant expansion in its payments processing capabilities, with 98% of Etsy marketplace GMS processed through its Etsy Payments platform.
Looking ahead, Etsy anticipates continued challenges in the macroeconomic environment but remains focused on increasing buyer frequency and average order value. The company has identified opportunities for growth, particularly in attracting new buyers and enhancing the shopping experience. Etsy's cash and cash equivalents stood at $1.0 billion as of December 31, 2024, providing a solid liquidity position to support its ongoing operations and strategic initiatives.
About ETSY INC
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