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Mar 31, 2021
Shutterstock Q1 2021 Earnings Report
Shutterstock's first quarter results demonstrated strong performance with significant increases in revenue, income from operations, and net income.
Key Takeaways
Shutterstock reported a strong first quarter in 2021, marked by a 14% increase in revenue to $183.3 million and a substantial rise in net income, which increased by 584% to $29.5 million. The company's subscription products resonated well in the market, driving growth and leading to an increase in the full-year 2021 revenue and EBITDA guidance.
Subscribers increased 46% to 306,000.
Subscriber revenue increased 20% to $76.5 million.
Revenue increased 14% to $183.3 million.
Net income increased 584% to $29.5 million.
Forward Guidance
The Company’s revised expectations for the full year 2021, are as follows:
Positive Outlook
- Revenue of $720 million to $730 million, representing annual growth of 8% to 9.5%, an increase from the previous guidance of $708 million to $722 million.
- Adjusted EBITDA of between $171 million to $177 million, an increase from the previous guidance of $165 million to $171 million.
- Adjusted net income per diluted share of between $2.78 to $2.93, an increase from the previous guidance of $2.75 to $2.90 per diluted share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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