SHUTTERSTOCK Reveals Q2 FY2023 Earnings Results on August 1, 2023
August 28, 2023
🌥️Earnings Overview
On August 1, 2023, SHUTTERSTOCK ($NYSE:SSTK) released its earnings results for the second quarter of the financial year 2023 (ending June 30, 2023). The company’s total revenue for the quarter totaled USD 208.8 million, a 1.0% increase from the same period in the previous year. Additionally, net income grew by 157.3%, reaching USD 50.0 million.
Stock Price
On August 1, 2023, SHUTTERSTOCK announced their earnings results for the second quarter of fiscal year 2023. The stock opened at $52.1 and closed the day at $46.4, a drop of 9.8% from its closing price of $51.4 the day before. This drop is indicative of investor’s response to the Q2 earnings report. Analysts have been discussing the implications of the Q2 earnings report for months, as it was expected to be a major indicator of SHUTTERSTOCK’s profitability and future prospects. This suggests that the company is still facing challenges in terms of profitability despite their growth in revenues.
This news has caused analysts to lower their outlook on SHUTTERSTOCK’s stock, leading to the 9.8% drop in closing price. Analysts are now expecting the company to take further steps to improve efficiency and increase profitability in order to recover from this setback and continue to grow in the future. Investors will be closely monitoring the company’s progress in the coming quarters to see how they react to these challenges. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Shutterstock. SHUTTERSTOCK_Reveals_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_Reveals_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_Reveals_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_Reveals_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 recently conducted an analysis of SHUTTERSTOCK‘s wellbeing. Our Risk Rating revealed that SHUTTERSTOCK is a high risk investment, both financially and in terms of business aspects. Furthermore, our investigation has detected 3 risk warnings in the income sheet, balance sheet and financial journal. If you’d like to learn more about this, simply register with us and we’d be more than happy to show you the details. 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
On August 1, 2023, SHUTTERSTOCK reported its earnings results for the second quarter of FY2023. While total revenue for the quarter was up 1.0% year over year to USD 208.8 million, net income grew by a whopping 157.3% to USD 50.0 million. Despite these promising numbers, the stock price fell the same day, indicating that investors may have had higher expectations for the company’s performance. As such, investors should take caution when considering investing in SHUTTERSTOCK, as there may be an underlying uncertainty surrounding its future growth prospects.
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