Etsy, Inc. (ETSY) Presents at Oppenheimer 26th Annual Technology, Internet & Communications Conference (Transcript)

Etsy, Inc. (NASDAQ:ETSY) Oppenheimer 26th Annual Technology, Internet & Communications Conference August 8, 2023 9:55 AM ET

Company Participants

Josh Silverman – Chief Executive Officer

Rachel Glaser – Chief Financial Officer

Conference Call Participants

Jason Helfstein – Oppenheimer

Jason Helfstein

Good morning, everyone. Thanks for joining us. I’m Jason Helfstein, I oversee Internet research for Oppenheimer. I’m very excited to have Etsy CEO, Josh Silverman; and CFO, Rachel Glaser. We’ve done this every year, I feel like, for a long time originally in person and for the last few, virtually. So thanks for joining us.

Most of you are familiar with how this works. I’ve got a number of questions that I’ve prepared. We also have a chat box. If you put questions in there, I’ll try to get to them as well and work them in to my prepared questions. Please don’t e-mail me because I’m not taking a look at e-mail, but use the chat.

Question-and-Answer Session

Q – Jason Helfstein

So let’s get started. So the first question, I think, on everyone’s mind is kind of, to some extent, reaction to the stock post earnings. So for those who didn’t pay attention, results were modestly better in the quarter. I think management is still considering this a challenging environment and looking for growth that’s kind of similar in the third quarter.

If we kind of just level set, right, second quarter GMS was down 1%, compared to Amazon online stores, up 4%; Wayfair, down 3%; and Revolve, down 6%, right? So kind of like somewhere in the middle. And then we look at third quarter, you’re guiding plus 1%, so a few points better at the midpoint for GMS. I think Wayfair is looking for up 5%, so a pretty meaningful acceleration from their minus 3%. And I think Street’s modeling Amazon online stores, up 6%; and Revolve is like still down 5%, so like basically

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