CNBC | What Happened To Etsy? @CNBC | Uploaded May 2024 | Updated October 2024, 20 hours ago.
The online handmade goods marketplace, Etsy, is at a crossroads. After booming during the pandemic, the company's gross merchandise sales have been flat in 2022 and 2023. Etsy's stock is down more than 70% from its all-time high in 2021, and its first-quarter 2024 earnings report revealed another disappointing earnings miss. Some of its sellers say the company's laser-sharp focus on growth has pushed Etsy away from its core mission — to keep commerce human — and instead allows for an increasing number of drop shippers to join the platform.
Chapters:
0:00 Intro
1:46 Chapter 1. A revolutionary idea
5:39 Chapter 2. At a crossroads
9:30 Chapter 3. The future
Correction (May 21, 2024): At 4.27 we misstated that Josh Silverman laid off 22% of the staff. The correct number is 15%. The other 8% coincided with his appointment.
Produced, Shot and edited by: Natalie Rice
Animation by: Christina Locopo, Jason Reginato
Senior Managing Producer: Tala Hadavi
Editorial Support: Jeniece Pettitt
Footage: Getty Images, AP Photos, Etsy, Nicole Aline Legault, Chiarra Lohr
Additional sourcing: FactSet, Oppenheimer & Co., Wayback Machine
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What Happened To Etsy?
The online handmade goods marketplace, Etsy, is at a crossroads. After booming during the pandemic, the company's gross merchandise sales have been flat in 2022 and 2023. Etsy's stock is down more than 70% from its all-time high in 2021, and its first-quarter 2024 earnings report revealed another disappointing earnings miss. Some of its sellers say the company's laser-sharp focus on growth has pushed Etsy away from its core mission — to keep commerce human — and instead allows for an increasing number of drop shippers to join the platform.
Chapters:
0:00 Intro
1:46 Chapter 1. A revolutionary idea
5:39 Chapter 2. At a crossroads
9:30 Chapter 3. The future
Correction (May 21, 2024): At 4.27 we misstated that Josh Silverman laid off 22% of the staff. The correct number is 15%. The other 8% coincided with his appointment.
Produced, Shot and edited by: Natalie Rice
Animation by: Christina Locopo, Jason Reginato
Senior Managing Producer: Tala Hadavi
Editorial Support: Jeniece Pettitt
Footage: Getty Images, AP Photos, Etsy, Nicole Aline Legault, Chiarra Lohr
Additional sourcing: FactSet, Oppenheimer & Co., Wayback Machine
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to make extra money outside of your day job? Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. CNBC Make It readers can use special discount code CNBC40 to get 40% off through 8/15/24: https://cnb.cx/4dFP9Wa
Connect with CNBC News Online
Get the latest news: cnbc.com
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC on Threads: https://cnb.cx/threads
Follow CNBC News on X: https://cnb.cx/FollowCNBC
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#CNBC
What Happened To Etsy?
