Why Shutterstock Stock Fell 5% Today
Shares of digital photograph printing company Shutterstock (NYSE: SSTK) fell 5.5% through 12:05 p.m. ET on Wednesday, after the company reported mixed earnings last night.
Heading into earnings day, analysts had forecast Shutterstock would report $0.67 per share in adjusted profit on $224 million in sales for its fourth quarter of 2023. As it turned out, Shutterstock beat the profits target, reporting a profit of $0.72 per share. Sales, however, came up short at only $217.2 million.
Q4 sales may have missed expectations, but Shutterstock isn't upset. Putting the numbers in the best light, CEO Paul Hennessy pointed out that the company set new records for both earnings and sales in 2023 and "significantly" exceeded even its own targets for the year. Still, the quarterly report had a decidedly good news/bad news feel to it.
Source Fool.com
