The former, it seems. (Page F-80) "Revenue is mainly generated from commissions ... | Hacker News

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trimbo on March 5, 2015 | parent | context | favorite | on: Etsy IPO Form S-1

The former, it seems. (Page F-80)

"Revenue is mainly generated from commissions on sales made by listed sellers and from the sale of advertising on the Company’s website"

snookca on March 5, 2015 [–]

Yeah, it's the former. Their 2014 GMS (Gross Merchandise Sales) was closer to $2B.

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