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Mar 31, 2024
Shutterstock Q1 2024 Earnings Report
Shutterstock's first quarter results for 2024 were reported, revealing a mix of challenges and strategic moves.
Key Takeaways
Shutterstock reported first quarter revenue of $214.3 million, consistent with the previous year. Net income decreased to $16.1 million, impacted by expenses related to the Giphy workforce, increased marketing, and acquisition costs. The company has entered into an agreement to acquire Envato to expand its content breadth and reach.
Revenue remained consistent at $214.3 million compared to Q1 2023.
Content revenue decreased by 10% to $173.8 million, driven by weakness in new customer acquisition.
Data, Distribution, and Services revenue increased by 90% to $40.5 million.
Net income decreased to $16.1 million, influenced by Giphy workforce expenses, increased marketing, and acquisition costs.
Revenue by Segment
Forward Guidance
The company increased its guidance for the full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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