Chris Ratcliffe | Bloomberg | Getty Images
Jon Oringer, main government officer of Shutterstock
Shutterstock shares plunged soon after the photo and movie firm reported a fourth-quarter earnings and earnings miss on Monday.
Shares were down around 14 per cent in mid-morning trade.
The New York-based mostly firm posted altered earnings of 42 cents for each share on earnings of $a hundred thirty.two million. Gross sales rose twelve per cent calendar year-around-calendar year from $116 million.
A consensus of analysts polled by Thomson Reuters envisioned earnings of forty five cents for each share on earnings of $135.three million.
Shutterstock announced on Monday that starting off March 1, CFO Steven Berns, will also take on the position of COO.
Shutterstock shares five-day functionality
Profits for all of 2016 was $494.three million, up sixteen per cent calendar year-around-calendar year from $425.15 million. The surge in sales was aided by new consumer expansion and a 14 per cent enhance in paid out downloads from 2015.
Shutterstock’s impression selection grew sixty three per cent in 2016 to 116.two million photos, up from seventy one.4 million previous calendar year.
The firm also unveiled their 2017 steering, expecting earnings to hit between $545 million and $560 million.