is doubling down on its marketing campaign as the online store looks to retain the customers it gained during the pandemic.
CEO Josh Silverman told CNBC's Jim Cramer on Thursday he is pleased with the returns he's seen from its marketing spending in recent years and that the company is dialed in to continue the strategic investments." interview. "This is a moment when Etsy is really top of mind for millions of consumers and it's the perfect moment for Etsy to be leaning in and really investing in marketing.
The comments came one day after the online platform, which specializes in selling handmade and personalized items, topped Wall Streets' estimates in its third-quarter report. Despite bringing in $451 million in revenue, more than double from the year-ago quarter, the stock sold off 5% in Thursday's session.
Etsy tallied $127 million in marketing expenses in the July-to-September quarter, which made up a large part of its roughly 86% year-over-year increase in operating expenses, and the e-retailer plans to continue spending big on its strategy in the current quarter. The company is expecting a lower return on investment, however, and says it will impact margins.
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