UPDATE: Shutterfly Q4 Profit Surges 50%

Shutterfly

reported a 50% rise in its fourth-quarter earnings. For 2013, Shutterfly expects revenue of $739.7 million to $746 million, versus estimates of $708 million. It projects full-year earnings of $0.38 to $0.51 per share, versus analysts' expectations of $0.47 per share. Shutterfly's quarterly profit surged to $53 million, or $1.40 per share, from $35.4 million, or $0.97 per share, in the year-ago period. Its revenue rose 33% to $351.8 million. The company in November had expected earnings of $0.94 to $1.02 per share on revenue of $300 million to $310 million. Its gross margin climbed to 60.5% from 58.9%. Shutterfly shares closed at $33.59 yesterday.