Getty Images Q1 Earnings Highlights: Revenue Beat, Subscribers Increase, Guidance And More

Zinger Key Points
  • Getty Images reports first quarter revenue of $235.6 million, which is up 2% year-over-year.
  • Total active annual subscribers is 150,000, up 85.1% year-over-year.

Content creator and image marketplace company Getty Images Holdings GETY reported first-quarter financial results after market close Thursday. Here are the key highlights.

What Happened: Getty Images reported first-quarter revenue of $235.6 million, which was up 2% year-over-year. The revenue total beat a Street consensus estimate of $228.7 million, according to data from Benzinga Pro.

The company reported a profit of one cent per share in the first quarter compared to a profit of three cents per share in the same period last year.

Getty saw creative revenue of $146.5 million, which was down 1.3% year-over-year. Editorial revenue was $84.6 million, which was up 7.5% year-over-year.

The company said its annual subscription revenue was more than 50% of total revenue.

Total purchasing customers were more than 829,000 in the first quarter and up 0.5% year-over-year. Total active annual subscribers were 150,000, up 85.1% year-over-year.

“We are pleased to report a quarter of revenue growth, all of which is organic, despite foreign exchange pressures, driven by strong subscription growth, subscription renewal rates, new customer growth and increased consumption of our content," Getty Images CEO Craig Peters said.

The company ended the first quarter with $116.8 million in cash and had total liquidity of $196.8 million.

Related Link: 5 Short Squeeze Stocks To Watch: Getty Images, BullFrog AI And More 

What’s Next: Getty Images is guiding for full-year revenue to come in a range of $936 million to $963 million, which would be up 1% to 4% year-over-year.

Full-year adjusted EBITDA is expected to be in the range of $305 million to $315 million.

"The increased customer commitment and consumption is underpinned by the uniqueness and quality of our content offerings. “We are focused on expanding this differentiation alongside embracing new capabilities to increase the value we provide to our customers and create new and recurring revenue streams,” Peters said.

GETY Price Action: Getty shares are down 0.96% to $6.24 in after-hours trading Thursday.

Read Next: Getty Images Announces SPAC Deal, Talks NFT Plans For Growth 

Photo: Shutterstock

 

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