Shutterstock Q3 revenue falls 33% on weak new customer additions
SSTK•SSTK•SSTK•SSTK•Shutterstock's third-quarter revenue fell 33% year over year to $173.9 million, while adjusted EPS declined to $0.45. The company reported a $197.8 million net loss, driven by a $195.6 million goodwill impairment and revenue declines outpacing cost reductions.
Shutterstock said third-quarter revenue fell 33% year over year, primarily due to weakness in new customer acquisition in its Content segment. Adjusted EPS was $0.45, adjusted EBITDA was $41.8 million, and the company reported a net loss of $197.8 million, including a $195.6 million goodwill impairment.
The company expects to achieve $60 million in annualized run-rate operating expense reductions. It said it reduced operating expenses and headcount to offset revenue declines, and sees AI trends creating new opportunities in content and data capabilities.
