Shutterstock shares up on Q4 revenue forecast exceeding estimates
31/10/2023 14:08
** Shares of stock photos repository Shutterstock SSTK.N
up 16.51% at $39.97
** SSTK forecasts FY 2023 revenue between $869 mln and $886
mln vs. LSEG estimate of $860.82 mln
** Co sees adj. net income per diluted share of between
$4.18 and $4.30 for FY 2023
** Reports Q3 adj. EPS of $1.26 vs. estimate of $0.81;
revenue of $233.2 mln vs. $214.5 mln estimate
** "We are seeing stabilization and expect a recovery in
e-commerce over the next several quarters supported by marketing
and product innovation"- Shutterstock CEO Paul Hennessy
** Up to Monday's close, stock had fallen 34.92% YTD
(Reporting by Juby Babu in Bengaluru)
((Juby.Babu@thomsonreuters.com;))