Etsy Crushes Estimates, Revenue More than Doubling

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Nc blowing past earnings expectations revenue more than doubling in the most recent quarter online retailer. One of the big pandemic winter shares up more than three hundred percent over the past year. And it's the biggest premarket gain earned the snp right now joining us to talk about the quarter and the outlook ahead job. Silverman ceo of esi. Josh it's great to see you this morning. You just had this blowout quarter. Let's talk about what you think. The future looks like and i ask in large part because i think we're all hoping that we're about to get into a post pandemic world that may bode well for some and may bode well for others. That's right well. Twenty twenty was a spectacular year for it was a time when circumstance met preparedness and millions and millions of people discovered for the first time or maybe rediscovered at sea At a time when they hadn't been in a long time and she's the kind of business that gets better as it gets bigger So more buyers means more sellers more sellers more buyers which makes the marketplace a whole lot better so to your point You know none of us really know what twenty twenty one brings. None of us have a crystal ball. But if i look at Twenty twenty ecommerce grew at an the crazy rate. Ecommerce grew it over forty percent year-on-year and yet oetzi grew two and a half times the rate of commerce. So i don't know what e commerce is going to do in twenty twenty one. But but i hope and believe that we'll be able to continue to outpace ecommerce overall in terms. Though of the way you think the shopping experience takes place you think by default the growth. You think i mean your how. What's the chance of the same kind of growth next year for example. Well i on the On the bull side of people we tend to forget. There's a lot of people even in twenty nine thousand nine who star shopped almost exclusively amal. Who never shopped online. So millions of people started shopping online and twenty twenty. Who hadn't before and they they loved it. It was convenient and interesting. And so we've brought a lot of people into e commerce warrant there before i'm the bear side during the pandemic can't spend on travel. They can't spend on dining so they're spending a disproportionate share of wallet retail and when they're spending on retail they go to the mall so they're spending a disproportionate amount on e commerce. So what. i don't know what. I don't know that any of us know is what's going to happen to consumer spending overall as you know as as restrictions ease what i do know though is if look over the long term if you're looking at twenty twenty two twenty twenty three and beyond ecommerce bigger and stronger and will be bigger and stronger. I believe as a result. Josh as you know. Musk tweeted on january twenty six. I hope you've saved the tweet. I kinda love at see. How much was that tweet worth. You think this quarter trades on the fundamentals and has always traded on the fundamental so at the time that he sent that tweet. Oetzi stock price went up. I forget the amount. But i think we gained a billion and a half two billion dollars market at four two hours and then the stock price settled right back down to where it started before the tweeting by the way. He's tweeting about the fact that he loves the marketplace tweeting about a product that he bought for his dog. Which which i love. But you know we trade on the fundamentals and i think it's so important that we keep talking about the fundamentals and i hope that's always traits on the fundamentals. Not on some story. That's that's other than that. You thinking at all about accepting bitcoin not right now i'm holder. I've held bitcoin for six or seven years. Now i think on the theory that i think it can be an interesting store of value. It could be an interesting tender. Some david need a whole lot more people to buy an own it before. I think it's really useful for people as as a and then. Finally i wanted to ask you about how you see the marketplace world versus the website or store world given the successive shoplifting. By how many of you are small. Businesses are both on on your service and also developing their own. And what does that mix look like for you know. Many of our sellers will also have their own shop. The challenges creating your own shop today is is is creating a lemonade. Stand in the desert right. It's harder and harder for an individual site to rise above the noise and become a brand that people can remember all the trends. I see is you know. We're consolidating fewer and fewer large e commerce platforms. And that's because the human brain can only remember somebody brands. We can only keep four five six eight brands in mind for everything else. We've got to go to google and we'd better go to facebook and if you're downstream google facebook then they're going to be the ones who get all of the economics so i don't think it's likely that there's going to be two billion thriving individual places to go buy things and years from now. I think there's going to be a handful. So the job of that seeing is to create a brand that stands for something that's meaningful and all of our sellers as a result

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