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Etsy’s Premature Profitability

Etsy’s Premature Profitability

Josh Silverman, CEO of Etsy Company, in an interview with CNBC on February 26 said it’s not clear what  2021 will be like pandemic wise but the company will generally outrun.

He continued there was a dramatic growth in e-commerce last year, with a rise of more than 40% year over year; and Etsy managed to experience a huge growth. According to Silverman, the company has almost attained its target for 2023, earlier than scheduled, as the lockdown triggered e-shopping. During this time, new essential hygiene items including facial masks saw a growth, too.

Last year, the New York-based company gained a total revenue $1.73 billion, over 111% year-over-year with an increased net income of 264%. In 2020, Etsy’s gross merchandise volume (GMV) rose to $10.28 billion, up from $4.97 billion a year earlier.

After the pandemic, the lucrative company has helped the economy with its e-commerce. The online vintage and craft items supplier expects its revenue to reach between $513 million and $536 million in 2021’s first quarter.

Samira H.

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