In short: Back to Etsy. Q2 revenue +6% Y/Y to $668M (a $22M beat) with GAAP EPS $0.98 ($0.25 beat) and adjusted EBITDA +15% to $195M, margin expanding more than 2 points to 29%. Etsy GMS grew 8% to $2.6B, accelerating from 6% in Q1 (+7% cc). Active buyers were roughly flat at 87 million on a trailing-twelve-month basis while GMS per active buyer rose 3% to $124 — "the turnaround remains driven more by getting existing buyers to spend more than by expanding the audience." The company is also getting radically simpler: it completed the sale of Depop to eBay for $1.4B after quarter-end (following last year's Reverb sale), then announced a 12% workforce reduction (~220 roles) to speed decision-making, alongside a new $2B share repurchase authorization. "Etsy is now essentially back to being Etsy, with one core marketplace and a leaner organization. The remaining question is whether buyer growth can follow spending higher." A disclosed author holding.
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