- Shutterstock, Inc (NYSE: SSTK) reported third-quarter FY22 revenue growth of 10% year-on-year to $204.1 million in constant currencies, missing the consensus of $213.8 million.
- Income from operations increased 29% Y/Y to $28.7 million. Net income increased 44% Y/Y to $23.0 million.
- Adjusted EPS of $1.00 beat the consensus of $0.89.
- The adjusted EBITDA margin increased to 27.5% from 22.8% in the third quarter of 2021.
- Free cash flow decreased 52% Y/Y to $21.4 million.
- Shutterstock held $76.2 million in cash and equivalents.
- Outlook: Shutterstock cut the FY22 revenue to $815 million (prior view $835 million - $850 million), below the consensus of $839.5 million.
- It revised the adjusted EPS from $3.65 - $3.80 to $3.75 - $3.80 against the consensus of $3.78.
- Analyst Rating: Morgan Stanley (NYSE:MS) analyst Lauren Schenk maintained an Equal-Weight and cut the price target from $54 to $47.
- AI Partnership: The company revealed a collaboration to introduce OpenAI's image generation capabilities to its audiences worldwide, offering customers the ability to instantly generate images based on the criteria they type in.
- Price Action: SSTK shares traded higher by 12% at $51.32 on the last check Tuesday.
| Feb 2022 | Needham | Maintains | Buy | |
| Oct 2021 | Needham | Maintains | Buy | |
| Jul 2021 | Needham | Maintains | Buy |
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