SHUTTERSTOCK Reports Q2 FY2023 Earnings Results on August 1, 2023
August 28, 2023
🌥️Earnings Overview
For the second quarter of FY2023 ending June 30, 2023, SHUTTERSTOCK ($NYSE:SSTK) reported total revenue of USD 208.8 million, indicating a 1.0% year-on-year increase. Net income for the quarter was also up drastically, totaling USD 50.0 million – a 157.3% year-on-year increase. These figures were released on August 1, 2023.
Market Price
On Tuesday, August 1, 2023, SHUTTERSTOCK reported its earnings results for the second quarter of FY2023. The stock opened at $52.1 but closed at $46.4, a drop of 9.8% from its previous closing price of $51.4. This significant decrease in SHUTTERSTOCK’s stock price could be attributed to the company’s weaker-than-expected results in the quarter. Although SHUTTERSTOCK reported an increase in revenue and subscription numbers, the company failed to meet analysts’ estimates and expectations. SHUTTERSTOCK’s financial report was heavily impacted by the coronavirus pandemic, resulting in a decrease in the use of its services.
In reaction to the results, investors remain cautious about the company’s future outlook. As such, there could be further downward pressure on SHUTTERSTOCK’s stock price in the short-term. Analysts are expecting a recovery in the second half of this year, as the economy is slowly returning to pre-pandemic levels. Going forward, it remains to be seen how SHUTTERSTOCK’s earnings report will shape up for the rest of this fiscal year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Shutterstock. SHUTTERSTOCK_Reports_Q2_FY2023_Earnings_Results_on_August_1_2023″>More…
| Total Revenues | Net Income | Net Margin |
| 845.94 | 112.94 | 10.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Shutterstock. SHUTTERSTOCK_Reports_Q2_FY2023_Earnings_Results_on_August_1_2023″>More…
| Operations | Investing | Financing |
| 195.47 | -101.36 | -92.02 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Shutterstock. SHUTTERSTOCK_Reports_Q2_FY2023_Earnings_Results_on_August_1_2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1k | 484.75 | 14.41 |
Key Ratios Snapshot
Some of the financial key ratios for Shutterstock are shown below. SHUTTERSTOCK_Reports_Q2_FY2023_Earnings_Results_on_August_1_2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 9.4% | 40.8% | 15.4% |
| FCF Margin | ROE | ROA |
| 16.0% | 16.4% | 8.1% |
Analysis
At GoodWhale, we pride ourselves on providing the best analysis of a company’s fundamentals. After carefully examining SHUTTERSTOCK‘s financial and business performance, we have determined that it is a high risk investment. We identified three risk warnings in SHUTTERSTOCK’s income sheet, balance sheet, and financial journal. To gain further insight into our risk analysis, register with us to access our detailed report. We believe that by arming investors with the right information, they can make informed decisions towards a successful investment. More…
Peers
With over 225 million royalty-free images in its collection, Shutterstock adds hundreds of thousands of images each week, and serves over 1.5 million customers in 150 countries. Its competitors include Hypebeast Ltd, Visual China Group Co Ltd, Yangaroo Inc.
– Hypebeast Ltd ($SEHK:00150)
Hypebeast Ltd is a global retailer specializing in streetwear and contemporary fashion. As of 2022, the company has a market capitalization of 1.01 billion and a return on equity of 20.07%. Hypebeast was founded in 2005 as a blog covering the latest in streetwear and sneakers. Today, the company operates a successful e-commerce platform and brick-and-mortar stores across the world. In addition to selling its own line of apparel and accessories, Hypebeast curates and sells products from some of the most coveted brands in the fashion industry.
– Visual China Group Co Ltd ($SZSE:000681)
Founded in 2000, Visual China Group is the largest visual content provider in China with over 150 million images and illustrations. The company offers a comprehensive suite of visual content products and services, including royalty-free images, editorial images, video, and illustration. It also provides visual content licensing, production, and distribution services to businesses and media organizations. As of 2022, Visual China Group has a market cap of 7.61B and a return on equity of 1.87%. The company’s products and services are used by businesses and media organizations worldwide.
– Yangaroo Inc ($TSXV:YOO)
Kangaroo is a provider of secure digital workspaces. The company has a market cap of 3.11M and a return on equity of 21.73%. Kangaroo’s digital workspace solutions enable organizations to securely access, manage, and share data and applications from any device, anywhere.
Summary
Shares of SHUTTERSTOCK dropped on August 1st, following the company’s announcement of its second quarter earnings results for the year ending June 30, 2023. Total revenue was reported to be USD 208.8 million, a slight 1.0% increase compared to the same quarter last year. Net income was up 157.3% to USD 50.0 million.
Investors may be disappointed by the relatively small revenue growth, but the surge in net income is an encouraging sign. Moving forward, it will be interesting to see if SHUTTERSTOCK can continue its impressive earnings growth and attract more investor interest.
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