NEW YORK (AP) _ Shutterstock Inc. (SSTK) on Wednesday reported second-quarter profit of $3.1 million.
On a per-share basis, the New York-based company said it had net income of 9 cents. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, were 24 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The online marketplace for royalty-free images and videos posted revenue of $134 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $137.9 million.
Shutterstock expects full-year revenue in the range of $535 million to $545 million.
Shutterstock shares have fallen 12 percent since the beginning of the year. The stock has declined 25 percent in the last 12 months.
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