Shutterstock Shares Pop 11% After Clocking 10% Revenue Growth In Q3; Expands OpenAI Partnership

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  • Shutterstock, Inc SSTK reported third-quarter FY22 revenue growth of 10% year-on-year to $204.1 million in constant currencies, missing the consensus of $213.8 million.
  • Income from operations increased 29% Y/Y to $28.7 million. Net income increased 44% Y/Y to $23.0 million.
  • Adjusted EPS of $1.00 beat the consensus of $0.89.
  • The adjusted EBITDA margin increased to 27.5% from 22.8% in the third quarter of 2021.
  • Free cash flow decreased 52% Y/Y to $21.4 million.
  • Shutterstock held $76.2 million in cash and equivalents.
  • Outlook: Shutterstock cut the FY22 revenue to $815 million (prior view $835 million - $850 million), below the consensus of $839.5 million.
  • It revised the adjusted EPS from $3.65 - $3.80 to $3.75 - $3.80 against the consensus of $3.78.
  • Analyst Rating: Morgan Stanley analyst Lauren Schenk maintained an Equal-Weight and cut the price target from $54 to $47.
  • AI Partnership: The company revealed a collaboration to introduce OpenAI's image generation capabilities to its audiences worldwide, offering customers the ability to instantly generate images based on the criteria they type in.
  • Price Action: SSTK shares traded higher by 12% at $51.32 on the last check Tuesday.
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