Welcome to our dedicated page for SHUTTERSTOCK news (Ticker: SSTK), a resource for investors and traders seeking the latest updates and insights on SHUTTERSTOCK stock.
Shutterstock, Inc. (NYSE: SSTK) is a premier global creative platform, offering high-quality content to transformative brands, digital media, and marketing companies. The company operates an online marketplace for commercial digital images, videos, and music, providing a diverse range of media including photographs, illustrations, vector art images, and video footage. These assets cater to users producing video advertisements, commercial motion pictures, television programming, video games, and other video-based media.
Shutterstock's offerings are designed to enhance visual communications through websites, digital and print marketing materials, corporate communications, books, publications, and video content. The company licenses commercial digital imagery and also offers an online learning platform for digital professionals.
Based in the United States, Shutterstock generates a significant portion of its revenue from content offerings, with its largest market being domestic. The company's innovative approach includes partnerships with leading tech firms like NVIDIA, Meta, and OpenAI, developing cutting-edge AI tools for creators. Shutterstock's commitment to ethical and responsible AI advancements is evident through its involvement with the Content Authenticity Initiative (CAI).
Recent achievements include strategic collaborations with Luma Labs AI, RECON Labs, and Volinga AI to explore NeRF technology, enhancing Shutterstock's extensive 2D/3D asset database. Additionally, Shutterstock's acquisition of Giphy has bolstered its content offerings, adding significant value to its data and services segment.
Financially, Shutterstock has shown robust performance with increasing revenues and profitability. The company continues to innovate with the launch of creative AI-powered editing features, providing users with unprecedented capabilities to refine and perfect images from its vast library.
With a growing network of over two million creators, Shutterstock remains focused on empowering the creative process and supporting its artist community through ongoing royalties and a Contributor Fund. As it continues to expand its service offerings and market reach, Shutterstock is poised to remain a leader in the creative content industry.
Shutterstock (NYSE: SSTK) reported strong financial results for Q1 2023, showing a revenue increase of 8% to $215.3 million. Adjusted EBITDA rose 27% to $69.8 million, with net income climbing 24% to $32.8 million. Key growth drivers included a 33% increase in Enterprise sales, bolstered by data partnerships and acquisitions like Pond5. The company also recorded a significant rise in subscription metrics, with subscribers growing to 559,000. Operating cash flow improved by $44.1 million, resulting in free cash flow of $50.9 million. Shutterstock raised its 2023 guidance, anticipating revenue between $844 million and $853 million. CEO Paul Hennessy expressed optimism regarding the company's ongoing investments and integration of generative AI.
Shutterstock, Inc. (NYSE: SSTK) will report its first quarter 2023 financial results on April 25, 2023, before the market opens. The company, a leader in creative workflow solutions, will host a conference call at 8:30 a.m. ET to discuss the results, which will be available for live webcasting. Interested participants can register for the Q&A session to receive dial-in details. A replay of the call will be accessible on the company's website later in the day.
Shutterstock specializes in providing extensive, high-quality creative resources across various media platforms, empowering brands and newsrooms with innovative technologies.
Shutterstock (NYSE: SSTK) has partnered with NVIDIA to develop generative AI capabilities that enable rapid creation of 3D content using text prompts. This collaboration utilizes NVIDIA's Picasso generative AI cloud service, significantly reducing the time required to generate high-quality 3D models from hours to minutes. The new feature will be integrated into Shutterstock's platform and will expand the tools available to 3D artists, allowing them to design complex digital twins efficiently. This initiative aligns with Shutterstock's strategy to leverage its extensive asset library to tap into a large market opportunity in the evolving 3D content space.
FAQ
What is the current stock price of SHUTTERSTOCK (SSTK)?
What is the market cap of SHUTTERSTOCK (SSTK)?
What services does Shutterstock, Inc. provide?
How does Shutterstock generate revenue?
What are some recent achievements of Shutterstock?
What is NeRF technology?
Who are Shutterstock’s key partners in technology development?
What measures does Shutterstock take to support and protect its artists?
What is the Content Authenticity Initiative (CAI)?
How has Shutterstock's financial performance been recently?
What is Shutterstock's approach to AI and innovation?
What is the significance of Shutterstock's acquisition of Giphy?
