Online marketplace Etsy reported a consolidated revenue of $651.2 million in the first financial quarter of this year, up 0.8 per cent from $646 million during the same period last year. 

This growth was attributed to increased on-site advertising revenue for Etsy and Depop, a new seller set-up fee for the full quarter, and continued benefit from payments expansion.

The company’s consolidated gross merchandise sales (GMS) were $2.8 billion, down 6.5 per cent against the same period last year.

Etsy’s adjusted EBITDA was $171.1 million with an adjusted non-gap EBITDA of 26.3 per cent.

A net loss of $52.1 million was recorded, down from $115 million during the first quarter of last year, with a consolidated net loss margin of 8 per cent, reflecting an impairment charge of $101.7 million to the goodwill of music gear marketplace Reverb. 

“We have a rich portfolio of investments planned to support GMS improvement while evolving the Etsy marketplace customer experience to better serve buyer and seller needs,” said CFO Lanny Baker. 

“We are keeping a clear eye on Etsy’s long-term opportunities, while also staying nimble in the face of uncertainty given recent tariff announcements and the fluid state of consumer confidence in our core markets.”