Why Shutterstock Is Falling Hard Today
Shares of Shutterstock (NYSE: SSTK) -- a marketplace for digital images, video, and music -- were tumbling this morning after the company reported worse-than-expected second-quarter results.
The company's sales and earnings for the quarter both missed analysts' consensus estimates, sending the tech stock down by as much as 15% today. Shutterstock had fallen by 5.9% as of 11:29 a.m. ET.
The company's second-quarter sales of $206.9 million -- up 9% from the year-ago quarter -- were below analysts' average estimate of $209.2 million. Additionally, Shutterstock's non-GAAP (adjusted) earnings of $0.83 was a drop of $0.12 from the year-ago quarter and missed Wall Street's consensus estimate of $0.93 per share.
Source Fool.com
