Shutterstock hits record revenues – announces new CFO

Shutterstock released their Q3 results this week and sales are up – in fact they are reporting ‘record revenues’.

Along side the results the company announced their Chief Financial Officer Jarrod Yahes will be departing to pursue another opportunity and SVP, Finance and Investor Relations, Rik Powell, will be moving to the CFO role.

Paul Hennessy Chief Executive Officer at Shutterstock made the announcement saying: “I want to thank Jarrod for his incredible contributions to Shutterstock and wish him the very best in the future. I’d also like to announce that Rik Powell will become our Chief Financial Officer. Rik started with the Company in June as SVP, Finance and Investor Relations and given Rik’s extensive experience, I am confident that his leadership and expertise will play a vital role in continuing to drive profitable growth for our shareholders.”

Here’s those Q3 results highlights:
Third Quarter 2024 measures as compared to Third Quarter 2023:
Revenues were $250.6 million compared to $233.2 million.
Net income was $17.6 million compared to $28.4 million.
Net income per diluted common share was $0.50 compared to $0.79.
Adjusted net income was $46.4 million compared to $45.5 million.
Adjusted net income per diluted common share was $1.31 compared to $1.26.
Adjusted EBITDA was $70.0 million compared to $64.7 million.

Commenting on the Company’s performance, Paul Hennessy said, “Shutterstock generated record Revenue and Adjusted EBITDA during the third quarter, exceeding our expectations. With the Envato acquisition now closed, we could not be more pleased with the results we are seeing. With the unlimited multi-asset subscription now part of our overall product suite, we are now well positioned to fulfill our customer needs. Content performance improved yet again in the quarter, and Data, Distribution, and Services has grown 40% year to date. As a result of this business momentum, we are pleased to be able to raise our guidance for both revenue and Adjusted EBITDA for 2024.”