US e-commerce giant Etsy beat revenue estimates in the first quarter of the year.
In the three months to March 31, consolidated revenue increased 10.6 percent to 640.9 million dollars, which was ahead of analysts’ estimates of around 622 million dollars, according to data from Refinitiv.
However, the company’s net income in the quarter fell to 74.5 million dollars from 86.1 million dollars the prior year.
Meanwhile, consolidated gross merchandise sales (GMS) dropped 4.6 percent to 3.1 billion dollars, and Etsy marketplace GMS fell 4.7 percent to 2.7 billion dollars.
Chief executive Josh Silverman told investors: “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.
“We've kicked off an exciting pipeline of product development and marketing initiatives to drive improved customer experiences and engagement in 2023. We believe that Etsy can be more relevant, more often, to many more millions of buyers around the world.
“So we'll be focused on welcoming new buyers to the joy of Etsy, deepening buyer curiosity and engagement, instilling trust when transacting with us, and being the preferred platform for our sellers because we help them grow effectively and efficiently.”