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February 27, 2021 In the second quarter of 2020, as the Covid-19 pandemic kicked off in earnest and personal protective equipment grew scarce, face masks accounted for a whopping 14% of gross merchandise sales (GMS) on handmade-goods platform Etsy. By the third quarter, masks would account for 11% of GMS, and by the fourth quarter that would fall to 4% but by then millions of one-time mask buyers had already become Etsy return visitors. On Thursday, Etsy reported fourth-quarter earnings that blew past analyst expectations, including a 129% year-over-year increase in revenue (which hit $617 million) and a 375% year-over-year increase in net income ($148.5 million). For all of 2020, Etsy’s profit more than doubled, and GMS grew by 106%. The company also said that nearly half of the 3 million customers who only bought masks on the site in the third quarter came back to Etsy in the fourth quarter to buy other items. CFO Rachel Glaser called it “a great signal” for the company’s

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