Etsy Inc ( ETSY ) reported financial results for the second quarter after the market close on Wednesday. Here’s a look at the key metrics from the quarter.

Q2 Earnings: Etsy ( ETSY ) reported second-quarter revenue of $647.8 million, beating the consensus estimate of $629.57 million, according to Benzinga Pro. The company reported quarterly earnings of 46 cents per share, beating estimates of 44 cents per share.

Consolidated GMS (gross merchandise sales) totaled $2.9 billion in the quarter, down 2.1% year-over-year. Etsy ( ETSY ) marketplace GMS was $2.5 billion, down 3.2% year-over-year.

Within the Etsy ( ETSY ) marketplace, active buyers increased 1% year-over-year after the company reactivated 6.4 million buyers, up 8.5% from the prior year period. GMS per active buyer declined 3.2% on a trailing 12-month basis, but Etsy ( ETSY ) noted this metric “continued to stabilize on a sequential basis.”

Etsy ( ETSY ) said it repurchased approximately $150 million of its stock in the second quarter. The company ended the quarter with $1.1 billion in cash, equivalents and short- and long-term investments.

“Gifting is proving to be a winning theme — driving growth as a key source of differentiation for Etsy ( ETSY ). We are making excellent progress with other bold moves and investments meant to raise consideration among buyers — to help us stand apart more than ever. While this is a challenging environment for our type of goods, we are focused on reigniting Etsy ( ETSY ) marketplace growth and gaining market share,” said Josh Silverman, CEO of Etsy ( ETSY ).

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Outlook: Etsy ( ETSY ) expects third-quarter GMS to decline in the low single-digit range on a year-over-year basis. The company anticipates third-quarter adjusted EBITDA margin of approximately 27%.

Etsy ( ETSY ) reiterated that it expects full-year 2024 consolidated adjusted EBITDA margin to come in “at least the same as the 2023 result.”

Management Update: Etsy ( ETSY ) announced that CFO Rachel Glaser has decided to retire from her role. Etsy ( ETSY ) said it has retained an executive recruiting firm to assist in the search for her successor. Glaser will remain in her role until a successor is appointed. She will then stay with Etsy ( ETSY ) in an advisory capacity through June 30, 2025 to support a smooth transition.

Management will hold a conference call to discuss these results at 5 p.m. ET.

ETSY Price Action: At the time of writing, Etsy ( ETSY ) shares were down 0.20% after hours at $65.01, according to Benzinga Pro.