BUZZ-Shutterstock shares drop after firm halts dividend
SSTK•Chief accounting officer to step down
The company also said Chief Accounting Officer Steven Ciardiello will step down from the role, effective August 28.
Shares of Shutterstock are down 61% year to date.
Shutterstock shares fall after dividend suspension
Shares of photo distributor Shutterstock (SSTK) were down 9% at $6.82 in extended trading.
The company said it is suspending future quarterly cash dividends as it looks to redirect capital to strengthen its financial position and drive long-term shareholder value.
Shutterstock said the move is part of an ongoing review of its capital allocation priorities.
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