Reuters: Online marketplace Etsy Inc. (ETSY.N) has appointed long-time insider Kruti Patel Goyal as its new Chief Executive Officer, succeeding Josh Silverman, who led the company for over eight years.
Etsy’s shares, which had risen nearly 40% this year, dropped about 7% in early trading after the company projected muted gross merchandise sales (GMS) for the fourth quarter.
Patel Goyal, currently Etsy’s President and Chief Growth Officer, will officially take charge on January 1, 2026. She previously led Depop, the fashion resale platform Etsy acquired for $1.63 billion in 2021.
Silverman will transition to Executive Chair, replacing Fred Wilson, and will continue in the role through December 2026.
Etsy has been grappling with the effects of U.S. tariffs on imports from China and Vietnam, two major suppliers for its marketplace. The recent removal of the “de minimis” duty-free rule for packages under $800 from China and Hong Kong has further pressured import trade routes.
For Q3, Etsy reported GMS of $2.72 billion, down from $2.92 billion last year, but still posted revenue of $678 million, surpassing analyst expectations of $655.3 million. The company expects Q4 GMS between $3.50 billion and $3.65 billion, below last year’s $3.74 billion.
Analysts at JPMorgan noted that investor expectations were higher, and the subdued outlook could dampen market sentiment in the near term.
