Overview
Shutterstock Q3 revenue grows 4% yr/yr, beating analyst expectations
Net income for Q3 decreased due to merger-related expenses
Adjusted EBITDA increased 13% yr/yr, driven by Envato and data deal revenue
Outlook
Shutterstock will not provide financial guidance due to the pending Getty Images merger
Result Drivers
DATA, DISTRIBUTION, AND SERVICES - Revenue increased 40% due to strong performance in this segment, offsetting declines in Content revenue
CONTENT REVENUE DECLINE - Content revenue decreased 5% due to weak new customer acquisition, partially offset by Envato contribution
MERGER EXPENSES - Net income decreased due to $7.1 mln of professional fees related to the proposed merger with Getty Images
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $260.10 mln | $256.09 mln (2 Analysts) |
Q3 Adjusted EPS | $0.99 | ||
Q3 Net Income | $13.40 mln | ||
Q3 Adjusted EBITDA | $79.40 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
Wall Street's median 12-month price target for Shutterstock Inc is $26.93, about 19.4% above its November 4 closing price of $21.70
Press Release: ID:nPn5W0VvHa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)