Shutterstock, Inc. (SSTK) is experiencing some leadership changes. The company announced that John Caine, its Chief Product and Digital Officer, will be leaving the company on August 23, 2024. Caine joined Shutterstock as Global Head of E-Commerce in January 2023.
Following Caine’s departure, Jonathan Oringer, the company’s Executive Chairman, will take on the role of supporting the company’s digital marketplace on an interim basis. This move comes after Shutterstock reported its second-quarter results earlier this month, revealing revenues of $220.1 million compared to $208.8 million in the previous year. Adjusted Earnings per Share (EPS) reached $1.00, slightly lower than the $1.07 reported in the previous year.
Despite the leadership change, Shutterstock remains confident in its outlook for 2024, reaffirming its previously announced guidance. The company expects revenue growth of 6% to 7% year-over-year, reaching between $927 million and $936 million. Adjusted EPS is projected to be between $4.18 and $4.32, and adjusted EBITDA is estimated at $245 million to $248 million.
However, the news of Caine’s departure seems to have had a negative impact on the company’s stock. SSTK shares are trading lower on Thursday, dropping by 4.38% to $32.97. Over the past year, SSTK stock has seen a significant decline, losing over 22% of its value.
Investors interested in gaining exposure to Shutterstock stock can consider the Small Cap US Equity Select ETF (RNSC).
