Shutterstock Q2 revenue rises 21%, beats expectations
Overview
Shutterstock Q2 revenue rises 21% yr/yr to $267 mln, beating analyst expectations
Adjusted EPS of $1.19 beats analyst expectations, per LSEG data
Net income jumps to $29.4 mln from $3.6 mln, driven by Envato acquisition
Outlook
Shutterstock declines to provide financial guidance amid Getty Images merger
Result Drivers
ENVATO ACQUISITION - Revenue and net income growth driven by the acquisition of Envato, contributing to Content product offering
DATA DEALS - Revenue from Data, Distribution, and Services increased due to timing of data deal revenue recognition
INTEREST EXPENSE - Increase in interest expense due to debt for Envato acquisition, partially offsetting gains
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $267 mln | $247.40 mln (3 Analysts) |
Q2 Adjusted EPS | Beat | $1.19 | $1.15 (2 Analysts) |
Q2 Net Income |
| $29.40 mln |
|
Q2 Adjusted EBITDA | Beat | $82.20 mln | $66.70 mln (3 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the online services peer group is "buy."
Wall Street's median 12-month price target for Shutterstock Inc is $28.85, about 31.3% above its July 28 closing price of $19.81
Press Release: ID:nPnbdXBFqa
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