Loading...
•
Sep 30, 2022
Shutterstock Q3 2022 Earnings Report
Shutterstock's Q3 2022 financial performance showed revenue growth and increased profitability despite macroeconomic headwinds.
Key Takeaways
Shutterstock reported a 5% increase in revenue to $204.1 million, with a 44% increase in net income to $23.0 million. The company's adjusted EBITDA increased by 26% to $56.0 million. The company revised its full year revenue target to $815 million.
Revenue increased 5% to $204.1 million, or 10% on a constant currency basis.
Net income increased 44% to $23.0 million.
Adjusted EBITDA increased 26% to $56.0 million with margin of 27.5%.
Subscribers increased to 607,000.
Forward Guidance
Shutterstock revised its full year revenue target to $815 million. The company expects 2022 Adjusted EBITDA to come in towards the high end of its previously provided guidance.
Positive Outlook
- Revenue of $815 million, representing annual growth of 5% and 9% on a constant currency basis.
- Adjusted EBITDA of between $214 million to $217 million.
- Adjusted net income per diluted share of between $3.75 to $3.80.
Challenges Ahead
- Weak demand in Europe.
- Foreign currency pressures.
- Assuming no improvement in underlying demand through the rest of the year.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...