Shutterstock, Inc. reported a revenue increase of 13% for the first quarter of 2025, reaching $242.6 million compared to $214.3 million in the same period of 2024. The growth was primarily driven by the acquisition of Envato, which contributed significantly to the company's content revenue, which rose by 17% to $202.9 million. The company also noted that its Data, Distribution, and Services revenues decreased slightly by 2% to $39.7 million, reflecting a decline in its data offerings, although this was offset by growth in distribution and services.
Operating expenses for the quarter increased to $232.4 million, up from $197.6 million a year earlier, marking an 18% rise. The increase was largely attributed to a significant rise in general and administrative expenses, which surged by 82% to $58.3 million, driven by costs associated with the planned merger with Getty Images and the integration of Envato. In contrast, sales and marketing expenses decreased by 5% to $53.4 million, reflecting a strategic shift in marketing efforts.
Shutterstock's net income for the quarter was $18.7 million, a 16% increase from $16.1 million in the prior year. The company reported earnings per share of $0.54, up from $0.45. The increase in net income was supported by a substantial rise in other income, which included $13.3 million in unrealized gains from investments, compared to $4.2 million in the previous year. The effective tax rate for the quarter was 8.5%, a decrease from 20.9% in the same period last year, influenced by discrete tax items.
In terms of operational metrics, Shutterstock's cash and cash equivalents stood at $112.2 million as of March 31, 2025. The company has also been active in its share repurchase program, having repurchased approximately 5.5 million shares at an average cost of $48.86 per share. The company declared a quarterly cash dividend of $0.33 per share, totaling $11.5 million for the quarter.
Looking ahead, Shutterstock is focused on integrating Envato and preparing for its merger with Getty Images, which is expected to enhance its market position. The merger is subject to regulatory approvals and is anticipated to close in the coming months. The company remains optimistic about its growth trajectory, despite challenges in customer acquisition and market conditions.
About Shutterstock, Inc.
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