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NEW YORK - Shutterstock , Inc. (NYSE:SSTK) reported record second-quarter financial results on Tuesday, with both revenue and earnings significantly exceeding analyst expectations.
The company’s shares were up more than 7% in pre-market trading following the announcement.
The global creative platform delivered adjusted earnings per share of $1.19, handily beating the analyst estimate of $0.56. Revenue reached a record $267 million, surpassing the consensus estimate of $250.37 million and representing a 21% increase compared to $220.1 million in the same quarter last year.
Adjusted EBITDA rose 32% to $82.2 million, with adjusted EBITDA margin expanding to 30.8% from 28.2% in the year-ago period. The company’s Content product offering generated $199.8 million in revenue, up 18% YoY, while Data, Distribution, and Services revenue jumped 34% to $67.2 million.
"I am pleased to report that Shutterstock set new high water marks in the second quarter, achieving record levels in both Revenue and Adjusted EBITDA," said Paul Hennessy, the Company’s Chief Executive Officer. "Our complete suite of offerings, from creative content to custom creative solutions to AI model inputs to our GIPHY distribution is now more than ever enabling us to fuel great work for our customers."
Net income for the quarter was $29.4 million, or $0.82 per diluted share, compared to $3.6 million, or $0.10 per share, in the second quarter of 2024. The company attributed the improved profitability to contributions from its Envato business acquired in July 2024 and unrealized gains related to its investment in Meitu, Inc.
Shutterstock’s subscriber base grew significantly to 1,073,000 at the end of the quarter, up from 490,000 a year earlier, largely due to acquisitions. The company declared a quarterly dividend of $0.33 per share, payable on September 18.
The company is currently in the process of merging with Getty Images in a previously announced transaction, which was approved by Shutterstock stockholders in June and remains subject to regulatory approvals.
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