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Sep 30, 2023
Shutterstock Q3 2023 Earnings Report
Reported third quarter 2023 financial results, demonstrating revenue growth and strategic advancements.
Key Takeaways
Shutterstock reported a 14% increase in revenue to $233.2 million, driven by a 60% surge in Enterprise sales. Net income rose by 23% to $28.4 million, and adjusted EBITDA increased by 15% to $64.7 million. The company raised its full-year revenue and EBITDA guidance for 2023.
Revenue increased by 14% to $233.2 million, driven by strong growth in the Enterprise sales channel.
Enterprise revenue grew by 60%, with computer vision data partnerships contributing significantly.
Net income increased by 23% to $28.4 million, which included a non-taxable bargain purchase gain of $9.9 million from the Giphy acquisition.
Adjusted EBITDA increased by 15% to $64.7 million, reflecting revenue growth partially offset by higher operating expenses.
Forward Guidance
The Company increased its guidance for the full year 2023, to the following:
Positive Outlook
- Revenue of $869 million to $886 million, representing annual growth of 5% to 7%.
- Adjusted EBITDA of between $240 million to $245 million.
- Adjusted net income per diluted share of between $4.18 to $4.30.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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