NEW YORK (TheStreet) -- ShutterStock (SSTK) - Get Report shares are down by 31.37% to $34.83 in afternoon trading on Thursday, after the company reported its second quarter earnings results earlier today.
The digital content marketplace tanked today after it guided for third quarter revenue below analysts' expectations, while also announcing the resignation of CFO Tim Bixby.
ShutterStock expects third quarter revenue to be between $105 million and $108 million, short of analysts' consensus $113.3 million expectations.
Full year revenue is expected to be between $425 million and $430 million, also short of analysts' $440.71 million forecast.
For the just concluded quarter, the company reported earnings of 31 cents per share, one cent better than analysts had expected.
Revenue that rose 30% year over year to $104.4 million also came in below the consensus expectation of $105.36 million.
The company also announced that Steven Berns will take over as CFO, replacing Tim Bixby who resigned to pursue other opportunities, no later than September 30.
Separately, TheStreet Ratings team rates SHUTTERSTOCK INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SHUTTERSTOCK INC (SSTK) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity."