In the fourth quarter of 2022 ended Dec. 31, Etsy's (NASDAQ: ETSY) revenue increased 12.6% year over year to $807.2 million, beating Wall Street forecasts. And for the full year of 2022, sales were up 10.2% to just under $2.6 billion. These impressive gains were on top of 35% revenue growth in 2021. 

A double-digit, top-line increase is certainly positive news for shareholders, especially in an uncertain economic environment where many experts are predicting a recession in 2023. However, shareholders need to pay attention to what's happening beneath the surface. 

Here's why this top e-commerce business's strong revenue growth might come at a real cost. 

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Source Fool.com