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☆ Stocks making the biggest moves after hours: Microsoft, Meta Platforms, Starbucks, Coinbase and more
▼ + stars: | 2024-10-30 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Microsoft reported earnings per share of $3.30 on revenue of $65.59 billion, while analysts polled by LSEG forecast $3.10 in earnings per share and $64.51 billion in revenue. Analysts polled by LSEG were looking for $1.03 per share in earnings and $9.36 billion in revenue. Analysts polled by LSEG sought earnings of 25 cents per share and revenue of $3.45 billion. Etsy also beat third-quarter revenue estimates with $662.4 million, while analysts polled by LSEG were expecting $652.5 million. MGM Resorts reported adjusted earnings of 54 cents for the third quarter, while analysts polled by LSEG predicted 61 cents per share.

Persons: LSEG, Meta, Coinbase, Robinhood, Carvana, Etsy, Darla Mercado Organizations: Microsoft, Wall, LSEG, Holdings, Starbucks, Facebook, eBay, Ebay, MGM Resorts, Revenue Locations: U.S, China

☆ Here are Tuesday's biggest analyst calls: Nvidia, Amazon, Alphabet, McDonald's, Adobe, Tesla & more
▼ + stars: | 2024-10-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Mizuho upgrades Duke Energy to outperform from neutral Mizuho said investors should buy the dip in the energy company. Barclays upgrades Doximity to overweight from equal weight Barclays said it sees growth potential for the online networking services provider for medical professionals. TD Cowen upgrades SM Energy to buy from hold TD Cowen said the energy company has "multiple resource catalysts." Barclays initiates Bruker as overweight Barclays said it's bullish on the analytical biotech solutions company. " Goldman Sachs reiterates Adobe as buy The firm said it sees "growth tailwinds" after attending the company's Adobe MAX conference.

Persons: Stephens, it's, Wells, Tesla, Berenberg, it's bullish, Wedbush, Mizuho, Goldman Sachs, Goldman, BTIG, Morgan Stanley, McDonald's, TD, TD Cowen, Price, Crane Organizations: Valvoline Inc, YouTube, Cadence Design, Netflix, Nvidia, AMD, Citi, Consolidated Edison, Duke Energy, Mizuho, Barclays, Etsy, Global, RBC, BMW, Mercedes, Volkswagen, Energy, Holdings, TD Cowen, BMO, AIG, Adobe, MAX, Constellation Energy Locations: China, North America

"While company reported 2Q results ahead of guidance on higher take-rate, weaker 3Q guidance and removal of FY GMS outlook suggest no near-term visibility," the analyst wrote. Etsy stock is 20% lower on the year but has increased 16% since July 8. Positively, AmEx did see slightly better [small or midsize enterprise] spend in Q2'24," wrote analyst Donald Fandetti. Bank of America lifted its price target to $563 from $555, while Citi increased its target to $580 from $555. Its price target of $220, up from $175, implies upside of 23% from Wednesday's close.

Persons: Morgan Stanley, Robinson, Brian, Ossenback, — Lisa Kailai Han, Oppenheimer, Jason Helfstein, Etsy's, Etsy, Helfstein, he's, Lisa Kailai Han, Wells, David Lantz, Lantz, Carvana, Raymond James, Brian Vaccaro, Vaccaro, AmEx, Donald Fandetti, Fandetti, Goldman Sachs, Ross Sandler, Andrew Percoco, Fred Imbert Organizations: CNBC, GE, JPMorgan, Carvana, TAM, Management, American Express, America Express, Meta, Wall Street, Goldman, Citi, Barclays, Bank of America, Google, GE Vernova, General Electric Locations: C.H, Etsy, Wingstop, Wells Fargo, Q2'24, 2H24, Wednesday's

☆ Here are 3 ways Meta could pivot if 10% of its ad revenue were to disappear
▼ + stars: | 2024-06-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

The "revenue driver" in question is last year's advertising blitz from large online Chinese retailers that made up about 10% of Meta's overall revenue. Evidence of slower or moderating ad spending from big retailers with ties to the world's second-largest economy could force Meta to lean into some of its other strengths. Analysts at the firm conducted a stress test — benchmarking a worst-case scenario for Meta's Chinese ad revenue in the second half of 2024. Mizuho analysts said Meta can leverage volume drivers such as increasing the ad load on Reels using artificial intelligence. Mizuho also believes special events like the U.S. presidential election and the Olympics should help support ad spending in the back half of the year.

Persons: Shein, Bernstein, Temu, Mizuho, monetization, Josh Silverman, we're, Jim Cramer's, Jim Cramer, Jim, Jonathan Raa Organizations: Wall Street, Holdings, Nasdaq, Meta, Mizuho, Amazon, U.S, Google, CNBC, Nurphoto, Getty Locations: Temu, China, Ireland, Shanghai, Singapore, U.S, London, Meta

☆ Etsy is trying to recreate pandemic-era sales. Here's where it's having trouble
▼ + stars: | 2024-05-19 | by ( Natalie Rice | ) www.cnbc.com time to read: +2 min

E-commerce artisan marketplace Etsy is at a crossroads as it tries to balance declining gross merchandise sales, a tumbling stock price and high inflation with the needs of its 7 million sellers. Etsy CEO Josh Silverman attributed the tough quarter to consumers' continued reduction in discretionary spending. The Covid pandemic brought Etsy new customers and a massive sales boost; its stock price reached an all-time high of $296.91 on Nov. 24, 2021. The number of active users on Etsy's platform has increased almost 70% since 2019, but purchases haven't followed. As of the first quarter, the site had 91.6 million active buyers and 7 million active sellers.

Persons: Jason Helfstein, Etsy's, Josh Silverman, Chiarra Lohr Organizations: Oppenheimer, Co, GMS, Indie Sellers

☆ Meta Platforms gets billions from China without headaches many U.S. companies face there
▼ + stars: | 2024-04-22 | by ( Paulina Likos | ) www.cnbc.com time to read: +9 min

As many American companies struggle to navigate the world's second-largest economy, Meta Platforms has found itself raking in billions of dollars from China without the direct challenges of doing business there. The influx in spending from Chinese ecommerce advertisers has been a "significant positive" for Meta, said Rohit Kulkarni, analyst at Roth MKM covering internet companies. Many American companies doing business in China have battled similar challenges as the post-Covid recovery there has progressed slower than expected. Meta has said it has a "diverse advertiser base" of Chinese companies. The concern is that as more Chinese advertisers target American consumers through Meta's platforms, that could drive up the price of ads for everyone.

Persons: Temu, Rohit Kulkarni, Roth, Meta's, Piper Sandler, Tom Champion, Estee Lauder, Meta, Susan Li, Shein, Kate Scott, Dawkins, —, Roth's Kulkarni, Piper Sandler's, they're, Josh Silverman, we're, Piper, doesn't, Jim Cramer's, Jim Cramer, Jim, Facebook Mark Zuckerberg, Kenzo Tribouillard Organizations: Club, Super, U.S, Meta, Apple, Facebook, Tencent, Holdings, Nasdaq, CNBC, Wall Street, Google, European Commission, AFP, Getty Locations: China, Ireland, Shanghai, Singapore, U.S, Meta, Brussels

☆ Stocks making the biggest moves premarket: EBay, Tesla, Taiwan Semiconductor, Alaska Air and more
▼ + stars: | 2024-04-18 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Taiwan Semiconductor Manufacturing — U.S.-traded shares of the Taiwanese chipmaker fell 2.4% despite beating revenue and profit expectations in the first quarter. Blackstone — The asset manager slipped 2.2% after lowering its dividend to 83 cents per share from 94 cents per share. EBay — Shares of the e-commerce stock rose nearly 4% following a double upgrade at Morgan Stanley to overweight from underweight. Etsy — The e-commerce stock slumped nearly 5% following a downgrade by Morgan Stanley to underweight from equal weight. Match Group — Shares slipped nearly 2% after Morgan Stanley downgraded shares to equal weight from overweight.

Persons: D.R, Horton —, Horton, LSEG, Blackstone, Morgan Stanley, Etsy, Alex Harring, Sarah Min, Jesse Pound, Fred Imbert Organizations: Taiwan Semiconductor Manufacturing, Deutsche Bank, Alaska Air —, Revenue, Alcoa, EBay, Communications, Rosenblatt Securities Locations: Taiwan, LSEG

☆ I started an Etsy candle store last year. The passive income helped me move out of my parents house and travel the world.
▼ + stars: | 2024-04-10 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +5 min

Read previewThis as-told-to essay is based on a conversation with 26-year-old Francisco Rivera, an Etsy seller from Orlando. I manage an Etsy store that made $403,499 last year after Etsy's fees and postage costs. Since starting the store, I've moved out of my parent's house and started renting a studio in Orlando. That's when I realized my Etsy store could replace my income from teaching. Quitting my job was scary, but I knew that even if this particular shop failed, I could set up another store on Etsy.

Persons: —, Francisco Rivera, I've, It's, I'm, I'd, Bali . I've Organizations: Service, Business Locations: Orlando, Texas, Bali ., Belgium, France, New York, Caribbean

☆ A wiser Greg Coffey, Elliott's Etsy love, and a return to fundamentals: A rundown of the hedge-fund industry's annual best-pitch conference
▼ + stars: | 2024-04-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe smart money gathered in Manhattan on Wednesday didn't spend their time pitching artificial-intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference, some of the biggest names in hedge funds — such as Greenlight's David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Even hedge funds that are constantly stirring the pot, such as Bridgewater and Paul Singer's Elliott Management, were even-keeled. The activist investor, who's become a recurring nightmare for anxious CEOs across the country, is not looking to burn anything down or start an M&A spree.

Persons: —, year's Sohn, Greenlight's David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's Tesla, Greg Coffey, Oz, Moore —, Coffey, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Elliott, Marc Steinberg, who's, You've, you've Organizations: Service, Business, Solvay, Paul Singer's Elliott Management, Bridgewater Locations: Manhattan, Belgium, Belgian, GLG, London, New York, Bridgewater, China

☆ A wiser Greg Coffey, Elliott's Etsy love, and a return to fundamentals: A rundown of the hedge fund industry's annual best pitch conference
▼ + stars: | 2024-04-04 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

The smart money gathered in Manhattan Wednesday didn't spend their time pitching artificial intelligence venture bets or bitcoin-linked trading products. At this year's Sohn conference in New York, the biggest names in hedge funds — such as David Einhorn, Elliott's Jesse Cohn, and Kirkoswald's Greg Coffey — preached fundamentals and restraint. Solvay, Einhorn said, has "a relatively high and stable margin, a high return on capital, and a good return of capital." Even hedge funds that are constantly stirring the pot, such as Paul Singer's Elliott Management and Bridgewater, were even-keeled. "You've got a durable business with real differentiation, you've got a strong management team executing," he said.

Persons: year's Sohn, David Einhorn, Jesse Cohn, Greg Coffey —, Einhorn, Elon Musk's, Greg Coffey, Oz, Moore —, Coffey, Emso, Paul Singer's Elliott, Ray Dalio, Karen Karniol, Sohn, Elliott, Marc Steinberg, You've, you've Organizations: Greenlight, Business, Solvay, Paul Singer's Elliott Management, Bridgewater, Elliott Locations: Manhattan, New York, Belgium, GLG, Australian, London, Bridgewater, China

☆ Stocks making the biggest moves after hours: Nvidia, Etsy, Rivian, Lucid Group and more
▼ + stars: | 2024-02-21 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Lucid Group — Shares slid nearly 7% in extended trading after the electric vehicle company posted a revenue miss as losses widened. Etsy — The online marketplace saw shares drop 6% in extended trading after the company posted an earnings miss. Etsy posted earnings per share of 62 cents, compared to an LSEG estimate of 78 cents. In the fourth quarter, Rivian lost $1.36 per share, 4 cents lower than the per share estimate from LSEG. Synopsys' earnings came in at $3.56 per share, excluding items, higher than an LSEG estimate of $3.43 per share.

Persons: Etsy, Rivian, Synopsys Organizations: Nvidia, Rivian, Wall

Activist investor Elliott Management has a "sizable" investment in e-commerce firm Etsy , which announced on Thursday that Elliott partner Marc Steinberg would join the company's board. The activist investor has built a roughly 13% position in the stock, a person familiar with the matter told CNBC. The position would make it Etsy's largest investor. Still, the e-commerce company's stock is down about 10% year-to-date. It competes with e-commerce companies including Amazon, which has its own handcrafted products platform.

Persons: Elliott, Marc Steinberg, CNBC's David Faber, Josh, Steinberg, Etsy, Josh Silverman, Silverman Organizations: Nasdaq, Elliott Management, CNBC, Vanguard, BlackRock, Match Group, Philips, Amazon Locations: New York City, Salesforce, Brazil

☆ Watch CNBC's full interview with Etsy CEO Josh Silverman
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Etsy CEO Josh SilvermanEtsy CEO Josh Silverman joins 'Money Movers' to discuss the company's new AI integration, how this new product will manifest itself in Etsy's marketing, and how it's different than what competitors offer.

Persons: Josh Silverman

☆ Etsy CEO on 'Gift Mode': Leverages AI to help find the perfect gift
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEtsy CEO on 'Gift Mode': Leverages AI to help find the perfect giftEtsy CEO Josh Silverman joins 'Money Movers' to discuss the company's new AI integration, how this new product will manifest itself in Etsy's marketing, and how it's different than what competitors offer.

Persons: Josh Silverman

☆ A 36-year-old mom who left her day job made over $77,000 in 2023 selling digital printables on Etsy. She shares her top 5 tips for getting started without spending any money.
▼ + stars: | 2024-01-13 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

In the summer of 2019, she was listening to a podcast that mentioned side hustles that included selling on Etsy and blogging. The podcast advertised a course from Gold City Ventures that taught people how to create and sell digital printables on Etsy. Jimenez decided she wanted to give it a try and signed up for the course while simultaneously creating her Etsy store. AdvertisementHer Etsy sales began to pick up. "So maybe there's 10,000 people searching for that every month, but there's 100,000 people that have made those cards.

Persons: Rachel Jimenez, didn't, Jimenez, hadn't, I, there's, Etsy, they're Organizations: Service, Claremont Graduate University, Gold City Ventures, Facebook Locations: Etsy

☆ Etsy shares slip on light revenue and forecast decline in gross merchandise sales
▼ + stars: | 2023-11-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

An employee walks past a quilt displaying Etsy Inc. signage at the company's headquarters in the Brooklyn. Shares of Etsy fell more than 4% in extended trading Wednesday after the company released third-quarter results that missed analysts' estimates for revenue, and forecast a decline in gross merchandise sales, or GMS. Etsy reported a net income of $87.9 million, or 64 cents per share, while it reported a net loss of $963.1 million during the same period last year. Etsy said it expects GMS to decline slightly on a year-over-year basis for its fourth quarter. The segment also served as a major sales catalyst during the company's second quarter, as it grew roughly 21% year over year.

Persons: Etsy, Josh Silverman Organizations: LSEG, LSEG Revenue, GMS, Services, Nasdaq, CNBC PRO Locations: Brooklyn, Etsy's, Etsy

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Microsoft, Gap, Verizon, Alphabet & more
▼ + stars: | 2023-10-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Wells Fargo upgrades Gap to overweight from equal weight Wells said the turnaround is taking shape for Gap. Deutsche Bank upgrades Livent to buy from hold Deutsche said it sees an attractive entry point for the lithium company. Bank of America downgrades TransUnion to underperform from buy Bank of America double downgraded the stock due to concerns about consumer lending. Bank of America initiates Syndax as buy Bank of America said it sees upside for the pharmaceutical company. Monness, Crespi, Hardt & Co. downgrades Alphabet to neutral from buy Monness said it's concerned about regulatory headwinds.

Persons: TD Cowen, Freyr, FREY, Goldman Sachs, Goldman, it's, We're, Wells, Needham, Etsy, Piper Sandler, Piper, TRU, SocGen, Bernstein, Deutsche Bank downgrades Corning, 2H24, Jefferies, Monness, Crespi, Hardt, Piper Sandler downgrades Livent Organizations: EV, Apple, BMO, Bank of America, Microsoft, GPS, Alto Networks, Deutsche Bank, Deutsche, Citi, TAM, Barclays, Verizon, Piper Sandler downgrades Regions, Citizens Financial, RF, " Bank of America, Farfetch, Machinery, UBS, Nvidia, Veeva, Commercial, Syndax Pharmaceuticals Locations: EVgo, Cybersecurity, Corning, Albemarle, LTHM

☆ Goldman analysts say these stocks have the most upside — including 3 expected to double
▼ + stars: | 2023-10-03 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Kostin outlined several stocks that Goldman thinks have the most upside based on the firm's target price. Etsy could gain more than 70% over the next 12 months, according to Goldman's price target on the e-commerce platform. Moderna has the largest potential upside from Goldman's target price at 175.9%. Another stock that is expected to more than double is FMC , a chemical manufacturing company with a focus on agriculture. Shares are off about 48% in 2023, but Goldman Sachs sees 101.6% upside for the stock.

Persons: Goldman Sachs, David Kostin, Kostin, Goldman, Etsy, SolarEdge, FactSet, — CNBC's Michael Bloom Organizations: Barclays, Moderna, FMC, Revenue Locations: Europe

☆ TikTok Shop is offering hemp-derived THC syrup, sex toys, and other banned goods to users as the platform struggles with enforcement
▼ + stars: | 2023-09-27 | by ( Dan Whateley | Madeline Stone | ) www.businessinsider.com time to read: +5 min

TikTok is in an all-out blitz to make its e-commerce marketplace Shop take off. But as it races to drive up sales, it's letting prohibited products slip through the cracks. TikTok Shop has over 200,000 sellers, according to the company, which has been a challenge as it tries to keep out banned goods at scale. TikTok isn't alone in failing to keep its e-commerce marketplace cleanTikTok isn't the only e-commerce player to struggle with marketplace quality. It's early days for TikTok Shop in the US, and the company is still finding its footing.

Persons: TikTok, TikTok isn't, Etsy, it's, Madeline Stone, Dan Whateley Organizations: TikTok Locations: mstone@insider.com, dwhateley@insider.com

☆ 31-year-old who brought in $101,000 in a month: I thought I'd 'make scraps' without a college degree
▼ + stars: | 2023-09-25 | by ( Megan Sauer | ) www.cnbc.com time to read: +1 min

In print-on-demand selling, people create designs on blank templates — T-shirts, mugs, tote bags — and wait for people to order them. And the print-on-demand store brought in more than $766,000 since 2020, according to documents by CNBC Make It. Johnson estimates a third of her store's revenue was profit, until she closed the shop earlier this month. A publicity-led influx of views lowered her store's sales conversion rate, jeopardizing her spot in Etsy's search algorithms, she says. She's already started a new print-on-demand store, she says.

Persons: Cassiy, Johnson, Etsy didn't, She's Organizations: YouTube, CNBC

☆ Stocks making the biggest moves premarket: AMC, Etsy, First Solar and more
▼ + stars: | 2023-09-14 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

AMC Entertainment — Shares of the movie theater chain jumped 5% in premarket trading after AMC said it had completed the equity offering it announced earlier this month. The company said it sold 40 million shares at an average price of $8.14, raising about $325.5 million. In the second quarter, the company earned 11 cents a share, after adjustments, exceeding analysts' expectations of 2 cents per share, according to FactSet. Penn Entertainment — The sports betting stock climbed 3% in premarket trading following a short-term buy call from Deutsche Bank. The conglomerate sold about 5.5 million shares of HP, worth around $158 million.

Persons: Wolfe, Semtech, Warren Buffett's Berkshire Hathaway, Shawn Fain, Jim Farley, — CNBC's Michelle Fox, Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: AMC, Wolfe Research, Penn Entertainment, Deutsche Bank, BMO Capital Markets, Exxon Mobil, Chevron, Brent, Occidental Petroleum, HP —, HP, Berkshire, General Motors, Ford —, United Auto Workers, Ford Locations: China, Devon, Omaha

☆ 31-year-old mom left her job for a ‘simple and easy’ side hustle—she brings in up to $101,000 a month, works 30 minutes a day
▼ + stars: | 2023-09-13 | by ( Megan Sauer | ) www.cnbc.com time to read: +5 min

It was April 2020, and Johnson had been furloughed from her full-time job as a daycare salesperson, where she made $70,000 per year. Even better, she adds: She spent less than 30 minutes per day on the side hustle, running it entirely on her phone, she says. The following year, she made $90,000 off Etsy and decided to run the online store full-time, she says. Here's how Johnson developed her side hustle, giving herself more free time and turning it into three different income streams. Print-on-demand sellers buy photos of models wearing blank T-shirts, and photoshop their designs on top.

Persons: Cassiy Johnson, Johnson, JollyFamDesigns, Mary Colleen, —, Nonnie, Mimi, Gammy Organizations: CNBC, Walmart, Facebook Locations: Howell , Michigan

☆ Etsy forecasts downbeat third quarter as demand softens
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy's initial public offering (IPO) on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar/File PhotoAug 2 (Reuters) - Etsy Inc (ETSY.O) on Wednesday forecast third-quarter revenue below market expectations, signalling softening in demand for handcrafted goods at its online market place, sending its shares down 6% after the bell. This has taken the sheen off of Etsy's COVID-era gains when consumers with disposable income splurged on decor and other discretionary products. The company's consolidated gross merchandise sales (GMS) fell 0.6% to $3.01 billion in the second quarter ended June 30. The company expects revenue for the third quarter at between $610 million and $645 million, while analysts were expecting $632.4 million, as per Refinitiv data.

Persons: Mike Segar, Etsy's, Juveria, Maju Samuel Organizations: Etsy, Nasdaq, REUTERS, Thomson Locations: New York, Bengaluru

☆ I made $340,000 in revenue on Etsy last year selling digital products. Here's how I use simple design tools and AI to boost sales.
▼ + stars: | 2023-07-25 | by ( Elle Hardy | ) www.businessinsider.com time to read: +7 min

Bailey runs an Etsy store that makes about $14,000 a month selling digital tumbler designs. So I quit my job and started an Etsy store called Bailey Designed Co., where I sell custom tumbler designs. In January 2022, I pivoted from print-on-demand products to digital productsI was faced with pandemic supply-chain issues, and I also saw a lot of successful sellers on Etsy who were selling just digital designs. In January, I started my own online courses for people who want to sell digital products without a design background. AI has helped me earn more because it's increased my productivity and volume of designs — and more volume equals more sales.

Persons: Bailey, I'm, Evelyn Weiss, Sandra Di, Wholesale Ted, tumblers, I've, Evelyn Weiss's, it's, Kittl's Organizations: Facebook, Service, YouTube, Wholesale, Canva, Google, Society Locations: Wall, Silicon, Florida, Canva, Etsy

☆ Etsy made 2 massive acquisitions at peak tech valuations. Two years and a $1 billion write-off later, it has buyer's remorse as it sells Elo7.
▼ + stars: | 2023-07-19 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Etsy bought Elo7 and Depop at a time when tech valuations were sky-high. Etsy disclosed that it had sold Elo7, the Brazilian online marketplace it acquired in July 2021 for $217 million, to fellow Brazilian online marketplace Enjoei for an undisclosed amount. What's next for Etsy's portfolio of brandsFollowing the sale of Elo7, Etsy's portfolio will include its main marketplace, Depop, and Reverb, an online marketplace for musical instruments. But like Elo7, Depop has had some challenges with growth once the pandemic-related e-commerce boom ended, and it is also not profitable. "They're running Depop very similarly to how they run the Etsy marketplace platform," Khajuria said.

Persons: Etsy, Josh Silverman, Elo7, they've, Bernstein, Nikhil Devnani, Shopify, Devnani, What's, Depop, Kruti Patel Goyal, Khajuria Organizations: Evercore ISI, SEC, Elo7, Analysts Locations: Brazil, Latin America, Europe

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