Stock photography, footage, and music provider Shutterstock Inc. ( SSTK ) shares are trading lower on Tuesday after worse-than-expected fourth-quarter earnings.

The company reported fourth-quarter FY24 sales growth of 15.1% year-on-year to $250.03 million, missing the analyst consensus estimate of $254.94 million.

Revenue from Content product offerings rose 20%, representing 85% of total revenue in the fourth quarter.

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Adjusted EPS of $0.67 missed the analyst consensus of $0.90. Adjusted EBITDA increased 27.6% Y/Y to $59.1 million.

The average revenue per customer increased 9.2% to $450, and the number of subscribers at the end of the quarter dropped 12.2% to 459,000.

Subscriber revenue decreased 11.2% to $75.7 million. Paid downloads totaled 33 million, down from 35.4 million last year. The operating margin was 5.3%, and operating income for the quarter jumped to $13.1 million from $2.1 million last year.

The company held $111.3 million in cash and equivalents as of December 31, 2024. Operating cash flow for the quarter totaled $7.9 million.

On January 27, 2025, the Board of Directors declared a dividend of $0.33 per share of outstanding common stock, payable on March 20, to stockholders of record at the close of business on March 6.

Price Action: SSTK shares are trading lower by 4.08% at $23.51 at the last check Tuesday.

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