00:00Shares of Etsy jumped more than 14% after announcing it will sell second-hand fashion app Depop to eBay
00:06for $1.2 billion in cash, less than the $1.6 billion it paid in 2021.
00:12The move marks a continued unwind of Etsy's house of brand strategy as it refocuses its core marketplace amid slowing
00:19growth and intense competition from rivals like Amazon.
00:23Meanwhile, eBay shares rose more than 8% after strong earnings and said the Depop deal will help it expand
00:30in fashion and attract younger shoppers.
00:32The acquisition is expected to close in the second quarter.
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