Shutterstock Reports First Quarter 2017 Financial Results
Shutterstock, Inc. (NYSE: SSTK), a leading global provider of imagery and music, today announced financial results for the first quarter ended March 31, 2017.
Founder and CEO Jon Oringer said, “We had a solid start to the year. On a constant currency basis, we grew revenue 14% and Adjusted EBITDA increased 4%. We also grew our customer base by 13% and increased paid downloads by 6%. These strong metrics are the result of the work we are doing to transition Shutterstock from a stock image marketplace to a broader platform that provides individuals and enterprises with the various content types and tools needed to collaboratively design, build and distribute their creative projects.
We are confident that as we continue to develop and broaden our solution set, acquire more and different asset types, offer localized services to our increasingly global customer base and build an organizational framework that enables us to more quickly respond to customer demand and market dynamics, we will further differentiate our business from the competition and create significant value for our customers, contributors, employees and shareholders.” Read more
Financial Highlights
- Revenue increased 12% to $130.2 million
- Income from operations decreased 5% to $10.3 million
- Net income increased 8% to $6.6 million
- Adjusted EBITDA decreased 3% to $23.2 million
- Diluted EPS increased 12% to $0.19 per share
Key Operating Metrics
- Paid downloads increased 6%
- Revenue per download increased 5%
- Image collection expanded 63% to 132.0 million images
- Video collection expanded 64% to 6.9 million clips
