Shutterstock Earnings Up In Q2; Stock Up In Pre-market
Shutterstock, Inc. (SSTK) reported a significant increase in net income for Q2, rising to $29.44 million from $3.63 million year-over-year. Earnings per share also rose to $0.82 from $0.10. Adjusted net income reached $42.87 million, with adjusted earnings per share at $1.19. Revenue grew by 21% to $266.99 million. Following the announcement, Shutterstock's stock rose 7.21% in pre-market trading, reaching $21.25.
Shutterstock, Inc. (SSTK), a creative platform, on Tuesday announced that its net income increased in the second quarter compared with the previous year.
For the second quarter, net income increased to $29.44 million from $3.63 million in the previous year.
Earnings per share were $0.82 versus $0.10 last year.
Adjusted net income increased to $42.87 million from $35.90 million in the prior year.
Adjusted earnings per share were $1.19 versus $1 last year.
Two Analysts, on average, had expected the company to report $1.13 per share. Analysts' estimates typically exclude special items.
Adjusted EBITDA increased to $82.24 million from $62.07 million in the prior year.
Revenue increased 21 percent to $266.99 million from $220.05 million in the previous year.
In the pre-market trading, Shutterstock is 7.21% higher at $21.25 on the New York Stock Exchange.
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