Shutterstock reports Q3 adjusted EPS $1.31, consensus $1.13

Reports Q3 revenue $250.6M, consensus $240.8M. CEO Paul Hennessy said, “Shutterstock (SSTK) generated record Revenue and Adjusted EBITDA during the third quarter, exceeding our expectations. With the Envato acquisition now closed, we could not be more pleased with the results we are seeing. With the unlimited multi-asset subscription now part of our overall product suite, we are now well positioned to fulfill our customer needs. Content performance improved yet again in the quarter, and Data, Distribution, and Services has grown 40% year to date. As a result of this business momentum, we are pleased to be able to raise our guidance for both revenue and Adjusted EBITDA for 2024. Additionally, after five years at Shutterstock, Jarrod Yahes, our CFO, will be departing to pursue another opportunity. I want to thank Jarrod for his incredible contributions to Shutterstock and wish him the very best in the future. I’d also like to announce that Rik Powell will become our Chief Financial Officer. Rik started with the Company in June as SVP, Finance and Investor Relations and given Rik’s extensive experience, I am confident that his leadership and expertise will play a vital role in continuing to drive profitable growth for our shareholders.”