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Shutterfly Inc.'s (SFLY) - Get Shutterfly, Inc. Report board said definitively it would remain independent as it reported disappointing earnings Wednesday.

Earlier this month, Bloomberg reported that Silver Lake Partners wasn't looking at a potential acquisition of the photo-sharing site.

The Redwood City, Calif.-based company's shares, which had already dropped precipitously once word got out that the private equity firm wasn't interested, were down nearly 2.4% in afternoon trading Thursday to about $40 per share. They are down about 18% for the month.

Not only had Silver Lake turned its back on a Shutterfly deal, Bloomberg also reported that it had decided against bidding on Hewlett-Packard Co.'s (HPQ) - Get HP Inc. Report Snapfish. The idea would have been to merge the two photo services.

During its earnings conference call the Wednesday, the company's executives revealed, without specifically discussing a sale process, or bidders, that the company would continue to remain independent.

Shutterfly reported a net loss of $1.20 per share on Wednesday — greater than analysts had expected — and an Ebitda loss of $9.7 million.

Guidance for the fourth quarter also came in lower than Shutterfly had previously projected.

The company said fourth-quarter revenue was expected in the range of $466.7 million to $481.7 million.

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Shutterfly and Silver Lake declined to comment.

The Deal previously reported that Silver Lake was among a large group of sponsors that began considering a buyout in early summer, and submitted bids in August.

At the time, sources suggested that up to a dozen private equity bidders would be interested. Other reports indicated that Frank Quattrone's Qatalyst Partners had provided financial advice to the target.

It remains unclear what Hewlett-Packard's plans for Snapfish are now that the company has announced plans to formally break into two; the company did not respond to requests seeking comment.

In recent years, Shutterfly has built itself up through a series of smaller M&A transactions.

Last year, it bought ThisLife, another online image storage company, BorrowLenses, a photo equipment renter, and stationery company R and R Images.

The year before, it acquired Photoccino Ltd., which tracks and ranks images online, and a trove of digital images from Eastman Kodak Co.'s (KODK) - Get Eastman Kodak Company Report Kodak Gallery.

In 2011, the company struck a deal to buy Tiny Prints Inc. in a $141 million transaction; the target makes stationery and cards.