The following is a summary of the Shutterstock, Inc. (SSTK) Q2 2024 Earnings Call Transcript:
Financial Performance:
For Q2 2024, Shutterstock delivered revenue of $220 million, showing a 5.4% growth, and adjusted EBITDA of $62 million with a 28% margin.
Content revenue was at $170 million, marking a 9% decline compared to the previous year.
Business Progress:
Shutterstock successfully acquired Envato, enhancing its Content business and aligning with long-term financial goals.
Introduced GenAI 3D capabilities in collaboration with NVIDIA, and announced commercial API access beginning September.
Expanded the Data, Distribution and Services business significantly, showing hypergrowth of 129% in the quarter.
Announced a new partnership with Databricks for Shutterstock ImageAI.
Opportunities:
The acquisition of Envato aims to bolster Shutterstock's subscription services and content diversity.
New GenAI capabilities, in partnership with NVIDIA and Databricks, present growth avenues in AI-driven content creation.
Risks:
Soft new customer acquisition and subdued growth in small- and medium-sized customers present ongoing challenges for the Content business.
More details: Shutterstock IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.