Michael M. Santiago | Getty Images News | Getty Images
Kruti Patel Goyal, Etsy’s president and chief of growth who previously oversaw its Depop resale app, will take the helm at Etsy effective Jan. 1, 2026, the company said.
Etsy shares fell more than 9% in premarket trading following the news, which was announced alongside its third-quarter earnings report. The company reported a beat on the top and bottom lines, but gross merchandise sales were down year over year and came in below Wall Street’s expectations.
For the third quarter, Etsy reported adjusted earnings per share of 63 cents on revenue of $678 million, which exceeded consensus estimates of 53 cents per share and $655.3 million, according to LSEG.
Gross merchandise sales, or the total volume of goods sold on the platform, came in at $2.72 billion. That’s a 6.5% decline from the same period a year ago, when GMS was $2.91 billion, but higher than expectations for $2.68 billion, according to StreetAccount.
Silverman, a former eBay executive, held the top job for the last eight years and guided the company through a demand surge brought on by the Covid-19 pandemic, when shoppers flocked to the site to buy up face masks.
Etsy has struggled to grow its business since the pandemic e-commerce boom, while it continues to contend with stiff competition from Amazon and Shopify, as well as China-linked upstarts Temu, Shein and TikTok Shop.
President Donald Trump’s shifting tariff policies have also strained some Etsy sellers’ businesses, particularly the removal of the “de minimis” exception in August, which meant shipments under $800 were allowed to enter the country virtually duty-free.
Correction: This story has been updated to reflect that Kruti Patel Goyal is currently the company’s president and chief growth officer and was previously CEO of Depop.
WATCH: OpenAI’s ChatGPT takes on e-commerce with Etsy, Shopify partnership
Leave a Reply