Shutterstock Inc Stock Price, News & Analysis

On January 30, 2023, Shutterstock, Inc. (NYSE: SSTK) announced a cash dividend increase to $0.27 per share, marking a 13% rise from the previous $0.24. This dividend, payable on March 16, 2023, rewards stockholders of record as of March 2, 2023. CEO Paul Hennessy emphasized that this decision reflects the company's margin expansion success and positive outlook on future cash flows. The company continues its commitment to delivering shareholder value after increasing dividends for three consecutive years.

Shutterstock, Inc. (NYSE: SSTK) has launched its new AI image generation platform, designed for global customers to create high-quality visuals through simple text prompts. The platform enhances Shutterstock's Creative Flow, allowing seamless integration of stock searching, design, and publishing. Built on partnerships with OpenAI, Meta, and LG AI Research, it focuses on ethical AI usage, ensuring artists are compensated. The platform supports over 20 languages and offers a user-friendly interface. This innovation aims to democratize content creation, eliminating the need for advanced design skills and enhancing the creative process.

Shutterstock, Inc. (NYSE: SSTK) will report its fourth quarter 2022 earnings on February 9, 2023, prior to market opening. Following the report, a conference call will be held at 8:30 a.m. ET to discuss the results, accessible via the company’s investor website. Interested participants can register to receive dial-in details. A replay of the call will be available from 10:30 AM ET on the same day. Shutterstock, known for its vast array of creative content, continues to support brands and media companies globally.

Shutterstock (NYSE: SSTK) has announced an expanded partnership with Meta, focusing on advancing AI technology. This collaboration aims to utilize Shutterstock's vast content library to support Meta's ongoing AI initiatives. Paul Hennessy, CEO of Shutterstock, emphasized the potential of AI to enhance creativity and highlighted the company's dedication to ethical and artist-centric advancements. This partnership is part of Shutterstock's broader strategic goal to lead in technology and innovation while ensuring fair compensation for content contributors.

On January 10, 2023, Shutterstock (NYSE: SSTK) announced its membership in the Value Stream Management Consortium (VSMC) as a Leader Member, aiming to enhance performance and customer value through value stream management (VSM). This partnership will foster best practices, optimize efficiency, and improve customer experiences by identifying and eliminating delays and waste in workflows. Key executives from Shutterstock expressed their commitment to leveraging VSM principles to strengthen collaboration between product and technology teams, ultimately delivering greater value to users.

Shutterstock (NYSE: SSTK) has partnered with LG AI Research to develop advanced AI technology. This collaboration aims to integrate LG's EXAONE AI image generation model and creative toolkit into Shutterstock's platform, enhancing the creative workflow for users. The initiative includes compensating contributors whose work trains the AI model. With AI image captioning, users will benefit from improved asset organization. Upcoming features from this partnership will launch in 2023, evidencing Shutterstock's commitment to innovative and ethical AI applications.

On October 25, 2022, Shutterstock (NYSE: SSTK) announced an expanded partnership with OpenAI to enhance creative tools and ethical AI content creation. This initiative includes launching a fund to compensate artists for their contributions to AI datasets, ensuring transparency and responsibility in AI-generated content. The collaboration will enable users to generate images instantly through OpenAI's DALL-E, enriching creative workflows. Shutterstock aims to set industry standards for compensating contributors and promoting ethical AI practices, positioning itself as a leader in the evolving creative technology landscape.

Shutterstock (NYSE: SSTK) reported third quarter 2022 financial results, marking a 5% revenue increase to $204.1 million, with a notable 10% rise on a constant currency basis. Net income surged 44% to $23 million, equating to $0.64 per diluted share. Adjusted EBITDA climbed 26% to $56 million, reflecting strong profitability despite macro challenges. However, free cash flow dropped 52% to $21.4 million. The Company revises its full-year revenue estimate to $815 million due to weakened European demand. An exciting partnership with OpenAI aims to leverage Generative AI for creative storytelling.