Shutterstock, Inc. (NYSE:SSTK) shares are trading lower on Thursday.
In an exchange filing, the company notified John Caine that his employment as its Chief Product and Digital Officer will end, effective August 23, 2024. Caine joined the company as Global Head of E-Commerce on January 30, 2023.
"Effective August 26, 2024, Jonathan Oringer, in his role as Executive Chairman, will support the Company's digital marketplace on an interim basis," the filing read.
Shutterstock also reaffirmed its 2024 guidance, as disclosed earlier this month.
The company has maintained its guidance to include revenue expectations of $927 million to $936 million (estimate: $923.03 million), reflecting a 6% to 7% year-over-year growth, adjusted EPS ranging from $4.18 to $4.32 (estimate: $4.40), and adjusted EBITDA of $245 million to $248 million.
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Earlier this month, the company reported second quarter results with revenues of $220.1 million compared to $208.8 million prior year and Adjusted EPS of $1.00 compared to $1.07 the previous year.
Shutterstock held cash and equivalents of $74.9 million as of June-end. Last month, the firm declared a 30 cents per share dividend on outstanding common stock, payable on September 12 to shareholders of record as of the close of business on August 29.
According to Benzinga Pro, SSTK stock has lost over 22% in the past year. Investors can gain exposure to the stock via Small Cap US Equity Select ETF (NASDAQ:RNSC).
Price Action: SSTK shares are trading lower by 4.38% to $32.97 at last check Thursday.
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