{"id":34,"date":"2026-01-03T13:39:17","date_gmt":"2026-01-03T13:39:17","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketriskus\/?p=34"},"modified":"2026-01-03T13:40:24","modified_gmt":"2026-01-03T13:40:24","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-sstk-shutterstock-inc-q3-fy2025-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketriskus\/34","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #SSTK | Shutterstock, Inc. Q3 FY2025 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #SSTK | Shutterstock, Inc. Q3 FY2025 Earnings Analysis\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/KhAO1HjBvmI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" data-start-index=\"0\">Shutterstock&#8217;s Revenue is Growing, But The Real Story is Hiding in Plain Sight: 4 Surprising Takeaways From Their Latest Report<\/span><\/h1>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"127\"><span class=\"ng-star-inserted\" data-start-index=\"127\">When most people think of Shutterstock, they picture a massive, ever-expanding library of stock photos, videos, and music clips. It&#8217;s the go-to resource for creators and businesses worldwide. So, when the company released its Q3 2025 financial report showing a 4% increase in headline revenue, it might have seemed like solid, steady news from an established market leader.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"500\"><span class=\"ng-star-inserted\" data-start-index=\"500\">But digging just beneath the surface of that report reveals a company in the middle of a dramatic transformation. The headline numbers mask surprising trends that paint a much more complex and interesting picture of its future. Far from just growing its content library, Shutterstock is making strategic pivots that are fundamentally reshaping the business, creating both immense opportunities and significant risks.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"916\"><span class=\"ng-star-inserted\" data-start-index=\"916\">1. Revenue is Up, But Profits Took a Hit. Here&#8217;s Why.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"969\"><span class=\"ng-star-inserted\" data-start-index=\"969\">At first glance, the top-line numbers look positive. Total revenue for the third quarter of 2025 grew 4% to $260.1 million, up from $250.6 million in the same quarter last year. However, this growth didn&#8217;t translate to the bottom line. Net income actually\u00a0<\/span><i class=\"ng-star-inserted\" data-start-index=\"1225\">decreased<\/i><span class=\"ng-star-inserted\" data-start-index=\"1234\">\u00a0from $17.6 million in Q3 2024 to $13.4 million in Q3 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1293\"><span class=\"ng-star-inserted\" data-start-index=\"1293\">The primary reason for this drop is spelled out directly in the report. The company incurred &#8220;$7.1 million of professional fee expenses in the quarter associated with the proposed merger with Getty Images.&#8221; This profit reduction should be viewed not as an operational weakness, but as a significant capital investment in market consolidation. The $7.1 million expense is the clear cost of an ambitious strategy to merge with its largest rival, fundamentally reshaping the competitive landscape.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"1787\"><span class=\"ng-star-inserted\" data-start-index=\"1787\">2. The Famous Content Library Isn&#8217;t The Growth Engine Anymore.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1849\"><span class=\"ng-star-inserted\" data-start-index=\"1849\">Here&#8217;s one of the most counter-intuitive findings from the report: Shutterstock&#8217;s core business, the one it&#8217;s famous for, is shrinking. According to the filing, &#8220;Revenue from our Content product offering decreased by $9.3 million, or 5%, as compared to the third quarter of 2024, to $194.4 million.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2148\"><span class=\"ng-star-inserted\" data-start-index=\"2148\">This decline in the company&#8217;s most iconic business segment underscores the intense pressure from an &#8220;evolving competitive landscape.&#8221; CEO Paul Hennessy&#8217;s response is not to retreat, but to redefine the value of the core product itself. By embedding generative AI tools directly into subscriptions, Shutterstock is attempting to transform its traditional content library from a simple repository into a dynamic creation platform, betting that integrated AI functionality can justify higher customer value and combat market erosion.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2678\"><span class=\"ng-star-inserted\" data-start-index=\"2678\">&#8220;Despite the evolving competitive landscape, we continue to improve the value proposition of our unlimited content products by including AI image, video, and audio generative models as part of our offering.&#8221;<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2885\"><span class=\"ng-star-inserted\" data-start-index=\"2885\">3. The Real Growth Story Is a Business You&#8217;ve Probably Never Heard Of.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2955\"><span class=\"ng-star-inserted\" data-start-index=\"2955\">While the Content business stalls, a lesser-known segment is quietly becoming the company&#8217;s hidden growth engine. Revenue from the &#8220;Data, Distribution, and Services&#8221; product offering increased by a staggering 40% year-over-year, jumping from $46.8 million to $65.7 million. This segment now accounts for a full 25% of the company&#8217;s total revenue.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3301\"><span class=\"ng-star-inserted\" data-start-index=\"3301\">This growth is driven by business activities far removed from traditional stock photography. According to company filings, this includes &#8220;licenses to metadata associated with the Company&#8217;s images, footage, music tracks and 3D models&#8221; for training AI systems, as well as &#8220;distribution and advertising services from the Company\u2019s Giphy business.&#8221; The CEO&#8217;s own words confirm this strategic shift, stating, &#8220;Revenue grew 4% on the back of the fast-growing Data, Distribution, and Services business&#8230;&#8221;<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3799\"><span class=\"ng-star-inserted\" data-start-index=\"3799\">4. They&#8217;re Losing Subscribers, But The Ones Who Stay Are Paying More.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3868\"><span class=\"ng-star-inserted\" data-start-index=\"3868\">A look at the company&#8217;s Key Operating Metrics reveals another seemingly contradictory trend. On one hand, the total number of subscribers has fallen, dropping from 1,105,000 in Q3 2024 to 1,060,000 in Q3 2025. On the other hand, the subscribers who remain are more valuable than ever. The &#8220;Average revenue per customer&#8221; over the last twelve months has\u00a0<\/span><i class=\"ng-star-inserted\" data-start-index=\"4220\">increased<\/i><span class=\"ng-star-inserted\" data-start-index=\"4229\">\u00a0from $254 to $279.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4248\"><span class=\"ng-star-inserted\" data-start-index=\"4248\">While the headline numbers show a decrease in subscribers and a rise in ARPC, it&#8217;s crucial to note that these metrics now include data from the massive Envato acquisition. The report&#8217;s footnotes clarify this, stating, &#8220;Average revenue per customer includes Envato historical results over the last twelve month period.&#8221; This makes a direct &#8216;apples-to-apples&#8217; comparison of organic growth difficult, but the underlying trend still suggests a strategic focus on integrating higher-value customer segments from acquired businesses, rather than purely organic growth of smaller accounts.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"4830\"><span class=\"ng-star-inserted\" data-start-index=\"4830\">Conclusion<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4840\"><span class=\"ng-star-inserted\" data-start-index=\"4840\">On the surface, Shutterstock appears to be a stable giant in the creative content industry. But a closer look at its latest financials reveals a company in deep transition. The headline stability masks a fundamental pivot away from being a traditional content marketplace and toward becoming a data-centric company betting its future on AI and massive market consolidation.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5213\"><span class=\"ng-star-inserted\" data-start-index=\"5213\">As Shutterstock spends millions to merge with its biggest rival while simultaneously fueling the AI engines that could disrupt its core business, will these bold moves secure its future or alienate the creative community that built it?<\/span><\/div>\n<div data-start-index=\"5213\"><\/div>\n<div data-start-index=\"5213\"><\/div>\n<div data-start-index=\"5213\">\n<h1 class=\"paragraph heading1 ng-star-inserted\" data-start-index=\"0\"><span class=\"ng-star-inserted\" data-start-index=\"0\">Shutterstock Q3 2025 Performance and Strategic Outlook Briefing<\/span><\/h1>\n<h2 class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"63\"><span class=\"ng-star-inserted\" data-start-index=\"63\">Executive Summary<\/span><\/h2>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"80\"><span class=\"ng-star-inserted\" data-start-index=\"80\">Shutterstock, Inc. reported a strong third quarter for 2025, characterized by a significant strategic pivot towards high-growth data and service offerings amidst challenges in its traditional content business. Total revenue grew 4% year-over-year to $260.1 million, propelled by a 40% surge in the Data, Distribution, and Services segment. This growth successfully offset a 5% decline in the core Content segment, which is experiencing weakness in new customer acquisition.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"553\"><span class=\"ng-star-inserted\" data-start-index=\"553\">Profitability remained a key strength, with Adjusted EBITDA margins exceeding 30% for the second consecutive quarter, reaching $79.4 million, a 13% increase from the prior year. However, GAAP Net Income saw a 24% decline to $13.4 million, primarily impacted by $7.1 million in professional fees associated with the pending merger with Getty Images and an increased tax provision. Liquidity is robust, with a substantial increase in free cash flow and cash and cash equivalents rising to $165.5 million.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1055\"><span class=\"ng-star-inserted\" data-start-index=\"1055\">The proposed merger with Getty Images remains a central strategic priority, though it now faces an extended Phase 2 regulatory review by the UK\u2019s Competition and Markets Authority (CMA) as well as continued scrutiny from the U.S. Department of Justice (DOJ). In the face of an evolving competitive landscape, the company is actively enhancing its value proposition by integrating generative AI models into its unlimited content products.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"1492\"><span class=\"ng-star-inserted\" data-start-index=\"1492\">I. Q3 2025 Financial Performance Analysis<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"1533\"><span class=\"ng-star-inserted\" data-start-index=\"1533\">A. Consolidated Financial Highlights<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1569\"><span class=\"ng-star-inserted\" data-start-index=\"1569\">Shutterstock&#8217;s Q3 2025 results demonstrate top-line growth and strong adjusted profitability, while net income was impacted by merger-related expenses.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"1720\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1720\"><span class=\"ng-star-inserted\" data-start-index=\"1720\">Financial Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1736\"><span class=\"ng-star-inserted\" data-start-index=\"1736\">Q3 2025<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1743\"><span class=\"ng-star-inserted\" data-start-index=\"1743\">Q3 2024<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1750\"><span class=\"ng-star-inserted\" data-start-index=\"1750\">Change<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1756\"><b class=\"ng-star-inserted\" data-start-index=\"1756\">Total Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1769\"><span class=\"ng-star-inserted\" data-start-index=\"1769\">$260.1 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1777\"><span class=\"ng-star-inserted\" data-start-index=\"1777\">$250.6 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1785\"><span class=\"ng-star-inserted\" data-start-index=\"1785\">+4%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1788\"><b class=\"ng-star-inserted\" data-start-index=\"1788\">Net Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1798\"><span class=\"ng-star-inserted\" data-start-index=\"1798\">$13.4 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1805\"><span class=\"ng-star-inserted\" data-start-index=\"1805\">$17.6 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1812\"><span class=\"ng-star-inserted\" data-start-index=\"1812\">-24%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1816\"><b class=\"ng-star-inserted\" data-start-index=\"1816\">Net Income per Diluted Share<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1844\"><span class=\"ng-star-inserted\" data-start-index=\"1844\">$0.37<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1849\"><span class=\"ng-star-inserted\" data-start-index=\"1849\">$0.50<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1854\"><span class=\"ng-star-inserted\" data-start-index=\"1854\">-26%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1858\"><b class=\"ng-star-inserted\" data-start-index=\"1858\">Adjusted EBITDA<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1873\"><span class=\"ng-star-inserted\" data-start-index=\"1873\">$79.4 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1880\"><span class=\"ng-star-inserted\" data-start-index=\"1880\">$70.0 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1887\"><span class=\"ng-star-inserted\" data-start-index=\"1887\">+13%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1891\"><b class=\"ng-star-inserted\" data-start-index=\"1891\">Adjusted Net Income<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1910\"><span class=\"ng-star-inserted\" data-start-index=\"1910\">$36.4 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1917\"><span class=\"ng-star-inserted\" data-start-index=\"1917\">$46.4 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1924\"><span class=\"ng-star-inserted\" data-start-index=\"1924\">-22%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1928\"><b class=\"ng-star-inserted\" data-start-index=\"1928\">Adjusted Net Income per Diluted Share<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1965\"><span class=\"ng-star-inserted\" data-start-index=\"1965\">$0.99<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1970\"><span class=\"ng-star-inserted\" data-start-index=\"1970\">$1.31<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1975\"><span class=\"ng-star-inserted\" data-start-index=\"1975\">-24%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"1979\"><b class=\"ng-star-inserted\" data-start-index=\"1979\">Adjusted Free Cash Flow<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2002\"><span class=\"ng-star-inserted\" data-start-index=\"2002\">$75.2 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2009\"><span class=\"ng-star-inserted\" data-start-index=\"2009\">$45.7 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2016\"><span class=\"ng-star-inserted\" data-start-index=\"2016\">+65%<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2020\"><span class=\"ng-star-inserted\" data-start-index=\"2020\">B. Segment Revenue Breakdown<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2048\"><span class=\"ng-star-inserted\" data-start-index=\"2048\">A notable divergence in performance between the company&#8217;s two main product offerings defines the quarter&#8217;s revenue story. The fast-growing Data, Distribution, and Services business is increasingly becoming a critical driver of overall growth.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2290\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2290\">Data, Distribution, and Services:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2323\">\u00a0Revenue surged by\u00a0<\/span><span class=\"ng-star-inserted\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord\">18.8<\/span><span class=\"mord mathnormal\">mi<\/span><span class=\"mord mathnormal\">ll<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">40<\/span><\/span><\/span><\/span><\/span><b class=\"ng-star-inserted\" data-start-index=\"2368\">65.7 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"2380\">, compared to Q3 2024. This segment now constitutes 25% of total company revenue, up from 19% in the prior-year period. The increase was primarily driven by the timing of data deal revenue recognition.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2581\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"2581\">Content:<\/b><span class=\"ng-star-inserted\" data-start-index=\"2589\">\u00a0Revenue decreased by\u00a0<\/span><span class=\"ng-star-inserted\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord\">9.3<\/span><span class=\"mord mathnormal\">mi<\/span><span class=\"mord mathnormal\">ll<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mopen\">(<\/span><span class=\"mord\">5<\/span><\/span><\/span><\/span><\/span><b class=\"ng-star-inserted\" data-start-index=\"2635\">194.4 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"2648\">, representing 75% of total revenue. The decline was attributed to &#8220;weakness in new customer acquisition,&#8221; which was partially mitigated by the revenue contribution from Envato, acquired in July 2024.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"2848\"><span class=\"ng-star-inserted\" data-start-index=\"2848\">C. Profitability and Margins<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"2876\"><span class=\"ng-star-inserted\" data-start-index=\"2876\">While merger costs and taxes compressed GAAP net income, adjusted profitability metrics showed considerable strength, reflecting operational efficiency and the contribution from high-margin data deals.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3077\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3077\">Net Income:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3088\">\u00a0The decrease to $13.4 million was primarily attributable to $7.1 million in professional fee expenses related to the Getty Images merger and an increase in the tax provision. These factors were partially offset by profitability from the overall revenue increase and the full-quarter contribution from the acquired Envato business.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3419\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3419\">Adjusted EBITDA:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3435\">\u00a0Increased 13% to $79.4 million. The Adjusted EBITDA margin expanded by 2.6 percentage points to\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3532\">30.5%<\/b><span class=\"ng-star-inserted\" data-start-index=\"3537\">\u00a0from 27.9% in Q3 2024, marking the second consecutive quarter with margins over 30%. This improvement was driven by the Envato contribution and high-margin data deal revenue.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"3712\"><span class=\"ng-star-inserted\" data-start-index=\"3712\">D. Liquidity and Cash Flow<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3738\"><span class=\"ng-star-inserted\" data-start-index=\"3738\">Shutterstock significantly strengthened its liquidity position during the quarter.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3820\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3820\">Cash Position:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3834\">\u00a0Cash and cash equivalents increased by\u00a0<\/span><span class=\"ng-star-inserted\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord\">49.1<\/span><span class=\"mord mathnormal\">mi<\/span><span class=\"mord mathnormal\">ll<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">r<\/span><span class=\"mord mathnormal\">in<\/span><span class=\"mord mathnormal\">g<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">h<\/span><span class=\"mord mathnormal\">e<\/span><span class=\"mord mathnormal\">q<\/span><span class=\"mord mathnormal\">u<\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mord mathnormal\">r<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">er<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mbin\">\u2217<\/span><\/span><span class=\"base\"><span class=\"mord\">\u2217<\/span><\/span><\/span><\/span><\/span><span class=\"ng-star-inserted\" data-start-index=\"3911\">165.5 million** as of September 30, 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"3952\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"3952\">Operating Cash Flow:<\/b><span class=\"ng-star-inserted\" data-start-index=\"3972\">\u00a0Net cash from operating activities was $78.4 million. This figure was unfavorably impacted by $8.0 million in cash expenses related to the proposed Getty Images merger.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4141\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4141\">Adjusted Free Cash Flow:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4165\">\u00a0Saw a substantial increase of\u00a0<\/span><span class=\"ng-star-inserted\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord\">29.6<\/span><span class=\"mord mathnormal\">mi<\/span><span class=\"mord mathnormal\">ll<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mbin\">\u2217<\/span><\/span><span class=\"base\"><span class=\"mord\">\u2217<\/span><\/span><\/span><\/span><\/span><span class=\"ng-star-inserted\" data-start-index=\"4214\">75.2 million** for the quarter.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"4245\"><span class=\"ng-star-inserted\" data-start-index=\"4245\">II. Key Operating Metrics and Customer Trends<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4290\"><span class=\"ng-star-inserted\" data-start-index=\"4290\">Operating metrics reflect the diverging performance of the company&#8217;s segments. While the overall subscriber base has declined, the average revenue generated per customer has increased, indicating success in capturing higher-value transactions.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"4533\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4533\"><span class=\"ng-star-inserted\" data-start-index=\"4533\">Key Operating Metric<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4553\"><span class=\"ng-star-inserted\" data-start-index=\"4553\">Q3 2025<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4560\"><span class=\"ng-star-inserted\" data-start-index=\"4560\">Q3 2024<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4567\"><span class=\"ng-star-inserted\" data-start-index=\"4567\">Change<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4573\"><b class=\"ng-star-inserted\" data-start-index=\"4573\">Subscribers<\/b><span class=\"ng-star-inserted\" data-start-index=\"4584\">\u00a0(end of period)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4600\"><span class=\"ng-star-inserted\" data-start-index=\"4600\">1,060,000<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4609\"><span class=\"ng-star-inserted\" data-start-index=\"4609\">1,105,000<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4618\"><span class=\"ng-star-inserted\" data-start-index=\"4618\">-4.1%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4623\"><b class=\"ng-star-inserted\" data-start-index=\"4623\">Subscriber Revenue<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4641\"><span class=\"ng-star-inserted\" data-start-index=\"4641\">$107.2 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4649\"><span class=\"ng-star-inserted\" data-start-index=\"4649\">$113.1 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4657\"><span class=\"ng-star-inserted\" data-start-index=\"4657\">-5.2%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4662\"><b class=\"ng-star-inserted\" data-start-index=\"4662\">Average Revenue Per Customer<\/b><span class=\"ng-star-inserted\" data-start-index=\"4690\">\u00a0(LTM)<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4696\"><span class=\"ng-star-inserted\" data-start-index=\"4696\">$279<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4700\"><span class=\"ng-star-inserted\" data-start-index=\"4700\">$254<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4704\"><span class=\"ng-star-inserted\" data-start-index=\"4704\">+9.8%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4709\"><b class=\"ng-star-inserted\" data-start-index=\"4709\">Paid Downloads<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4723\"><span class=\"ng-star-inserted\" data-start-index=\"4723\">111.7 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4730\"><span class=\"ng-star-inserted\" data-start-index=\"4730\">112.3 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4737\"><span class=\"ng-star-inserted\" data-start-index=\"4737\">-0.5%<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4742\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4742\">Subscriber Base:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4758\">\u00a0The decline in both the number of subscribers and subscriber revenue aligns with the reported weakness in new customer acquisition for the Content business.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"4915\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"4915\">Customer Value:<\/b><span class=\"ng-star-inserted\" data-start-index=\"4930\">\u00a0The nearly 10% increase in Average Revenue Per Customer (ARPC) over the last twelve months suggests a successful shift in customer mix or increased spending from existing customers, likely driven by the higher-value Data, Distribution, and Services offerings.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"5190\"><span class=\"ng-star-inserted\" data-start-index=\"5190\">III. Strategic Developments and Corporate Actions<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"5239\"><span class=\"ng-star-inserted\" data-start-index=\"5239\">A. Pending Merger with Getty Images<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5274\"><span class=\"ng-star-inserted\" data-start-index=\"5274\">The proposed &#8220;merger of equals&#8221; with Getty Images remains the company&#8217;s most significant strategic initiative, though it faces considerable regulatory examination.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5437\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5437\">CEO Commitment:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5452\">\u00a0CEO Paul Hennessy affirmed, &#8220;we remain committed to the merger and will continue to engage with the UK\u2019s Competition and Markets Authority and will work with Getty Images to expeditiously secure the necessary clearances.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5674\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5674\">Regulatory Hurdles:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5693\">\u00a0The transaction is facing heightened scrutiny.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5740\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5740\">United Kingdom:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5755\">\u00a0On November 3, 2025, the UK&#8217;s Competition and Markets Authority (CMA) referred the merger to a\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5851\">Phase 2 review<\/b><span class=\"ng-star-inserted\" data-start-index=\"5865\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"5866\"><span class=\"ng-star-inserted\">\u00a0\u00a0\u00a0\u00a0\u25e6\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"5866\">United States:<\/b><span class=\"ng-star-inserted\" data-start-index=\"5880\">\u00a0On April 2, 2025, Shutterstock and Getty Images both received a Request for Additional Information from the U.S. Department of Justice (DOJ).<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6022\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6022\">Financial Impact:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6039\">\u00a0The merger process incurred\u00a0<\/span><span class=\"ng-star-inserted\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord\">7.1<\/span><span class=\"mord mathnormal\">mi<\/span><span class=\"mord mathnormal\">ll<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">n<\/span><span class=\"mbin\">\u2217<\/span><\/span><span class=\"base\"><span class=\"mord\">\u2217<\/span><span class=\"mord mathnormal\">in<\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mord mathnormal\">ro<\/span><span class=\"mord mathnormal\">f<\/span><span class=\"mord mathnormal\">ess<\/span><span class=\"mord mathnormal\">i<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">na<\/span><span class=\"mord mathnormal\">l<\/span><span class=\"mord mathnormal\">f<\/span><span class=\"mord mathnormal\">ees<\/span><span class=\"mord mathnormal\">an<\/span><span class=\"mord mathnormal\">d<\/span><span class=\"mbin\">\u2217<\/span><\/span><span class=\"base\"><span class=\"mord\">\u2217<\/span><\/span><\/span><\/span><\/span><b class=\"ng-star-inserted\" data-start-index=\"6109\">8.0 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"6120\">\u00a0in cash expenses during Q3 2025, directly impacting profitability and cash flow. For the first nine months of 2025, total merger-related costs amounted to\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6276\">$27.7 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"6289\">.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6290\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"6290\">Legal Challenges:<\/b><span class=\"ng-star-inserted\" data-start-index=\"6307\">\u00a0Two stockholder complaints have been filed alleging that the merger&#8217;s proxy statement contained incomplete or misleading information. While Shutterstock believes it has &#8220;substantial defenses,&#8221; it has voluntarily supplemented the proxy statement to avoid potential delays to the transaction.<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"6598\"><span class=\"ng-star-inserted\" data-start-index=\"6598\">B. CEO Commentary and Market Position<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6635\"><span class=\"ng-star-inserted\" data-start-index=\"6635\">CEO Paul Hennessy&#8217;s commentary highlights the success of the company&#8217;s strategic focus and its approach to market competition.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"6761\"><span class=\"ng-star-inserted\" data-start-index=\"6761\">&#8220;Shutterstock achieved another strong quarter of financial results. Revenue grew 4% on the back of the fast-growing Data, Distribution, and Services business, while Adjusted EBITDA margins remained over 30% for the second consecutive quarter, and Free Cash Flow significantly increased.&#8221;<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7048\"><span class=\"ng-star-inserted\" data-start-index=\"7048\">On navigating the market and technological shifts, Hennessy noted:<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7114\"><span class=\"ng-star-inserted\" data-start-index=\"7114\">&#8220;Despite the evolving competitive landscape, we continue to improve the value proposition of our unlimited content products by including AI image, video, and audio generative models as part of our offering. Additionally, we are attracting new logos and expanding relationships with existing customers within our Data, Distribution, and Services business.&#8221;<\/span><\/div>\n<div class=\"paragraph heading3 ng-star-inserted\" data-start-index=\"7469\"><span class=\"ng-star-inserted\" data-start-index=\"7469\">C. Capital Allocation<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7490\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7490\">Dividends:<\/b><span class=\"ng-star-inserted\" data-start-index=\"7500\">\u00a0The company paid a quarterly cash dividend of\u00a0<\/span><span class=\"ng-star-inserted\"><span class=\"katex\"><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"base\"><span class=\"mord\">0.33<\/span><span class=\"mord mathnormal\">p<\/span><span class=\"mord mathnormal\">ers<\/span><span class=\"mord mathnormal\">ha<\/span><span class=\"mord mathnormal\">re<\/span><span class=\"mpunct\">,<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">o<\/span><span class=\"mord mathnormal\">t<\/span><span class=\"mord mathnormal\">a<\/span><span class=\"mord mathnormal\">l<\/span><span class=\"mord mathnormal\">in<\/span><span class=\"mord mathnormal\">g<\/span><span class=\"mbin\">\u2217<\/span><\/span><span class=\"base\"><span class=\"mord\">\u2217<\/span><\/span><\/span><\/span><\/span><span class=\"ng-star-inserted\" data-start-index=\"7574\">11.7 million** in Q3 2025.<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7600\"><span class=\"ng-star-inserted\">\u2022\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7600\">Share Repurchases:<\/b><span class=\"ng-star-inserted\" data-start-index=\"7618\">\u00a0No shares were repurchased during the third quarter. The company has\u00a0<\/span><b class=\"ng-star-inserted\" data-start-index=\"7688\">$30.2 million<\/b><span class=\"ng-star-inserted\" data-start-index=\"7701\">\u00a0remaining under its current share repurchase authorization.<\/span><\/div>\n<div class=\"paragraph heading2 ng-star-inserted\" data-start-index=\"7761\"><span class=\"ng-star-inserted\" data-start-index=\"7761\">IV. Geographic Performance<\/span><\/div>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7787\"><span class=\"ng-star-inserted\" data-start-index=\"7787\">Performance varied significantly by geographic region, with strong growth in North America offsetting declines in Europe and the rest of the world.<\/span><\/div>\n<table class=\"ng-star-inserted\" data-start-index=\"7934\">\n<tbody>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7934\"><span class=\"ng-star-inserted\" data-start-index=\"7934\">Region<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7940\"><span class=\"ng-star-inserted\" data-start-index=\"7940\">Q3 2025 Revenue<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7955\"><span class=\"ng-star-inserted\" data-start-index=\"7955\">Q3 2024 Revenue<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7970\"><span class=\"ng-star-inserted\" data-start-index=\"7970\">Change<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7976\"><b class=\"ng-star-inserted\" data-start-index=\"7976\">North America<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7989\"><span class=\"ng-star-inserted\" data-start-index=\"7989\">$142.8 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"7997\"><span class=\"ng-star-inserted\" data-start-index=\"7997\">$120.5 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8005\"><span class=\"ng-star-inserted\" data-start-index=\"8005\">+18.5%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8011\"><b class=\"ng-star-inserted\" data-start-index=\"8011\">Europe<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8017\"><span class=\"ng-star-inserted\" data-start-index=\"8017\">$63.6 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8024\"><span class=\"ng-star-inserted\" data-start-index=\"8024\">$69.5 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8031\"><span class=\"ng-star-inserted\" data-start-index=\"8031\">-8.5%<\/span><\/div>\n<\/td>\n<\/tr>\n<tr class=\"ng-star-inserted\">\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8036\"><b class=\"ng-star-inserted\" data-start-index=\"8036\">Rest of the World<\/b><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8053\"><span class=\"ng-star-inserted\" data-start-index=\"8053\">$53.7 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8060\"><span class=\"ng-star-inserted\" data-start-index=\"8060\">$60.6 M<\/span><\/div>\n<\/td>\n<td class=\"ng-star-inserted\">\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8067\"><span class=\"ng-star-inserted\" data-start-index=\"8067\">-11.4%<\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"paragraph normal ng-star-inserted\" data-start-index=\"8073\"><span class=\"ng-star-inserted\" data-start-index=\"8073\">For the nine months ended September 30, 2025, the United States accounted for 44% of total consolidated revenue.<\/span><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Shutterstock&#8217;s Revenue is Growing, But The Real Story is Hiding in Plain Sight: 4 Surprising Takeaways From Their Latest Report When most people think of Shutterstock, they picture a massive, ever-expanding library of stock photos, videos, and music clips. It&#8217;s&#8230; <\/p>\n","protected":false},"author":1,"featured_media":35,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[8],"class_list":["post-34","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earningsanalysis","tag-sstk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/34","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/comments?post=34"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/34\/revisions"}],"predecessor-version":[{"id":37,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/posts\/34\/revisions\/37"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media\/35"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/media?parent=34"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/categories?post=34"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketriskus\/wp-json\/wp\/v2\/tags?post=34"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}