What's Going On With Getty Images Stock Wednesday?

Getty Images Holdings Inc GETY shares are moving lower Wednesday after the company reported third-quarter financial results and cut 2023 guidance below estimates. 

What Happened: Getty Images said third-quarter revenue decreased 0.5% year-over-year to $229.3 million versus the consensus estimate of $228.14 million, according to Benzinga Pro. The company reported a loss of 5 cents per share.

"While we continue to operate in a challenging environment, we saw progress in a number of key areas in the third quarter, notably continued growth across Ecommerce where annual subscriber numbers were up across target markets," said Craig Peters, CEO of Getty Images.

Peters also highlighted the company's partnership with Nvidia Corp NVDA, noting that its AI tool provides commercial use, high-quality imagery with uncapped indemnification. 

"The quarter also saw us launch our generative AI service in partnership with NVIDIA which addresses fundamental customer needs around quality and commercial safety in use of generative content," he said.

Getty lowered its full-year 2023 revenue guidance from a range of $920 million to $935 million to a new range of $900 million to $910 million versus estimates of $926.88 million. The company noted that the updated guidance reflects a change to how it's reporting legal fees.

Following the print, Wedbush analyst Michael Pachter reiterated Getty with an Outperform and maintained a price target of $7.70. Benchmark analyst Mark Zgutowicz maintained a Buy rating and lowered the price target from $8 to $7.

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GETY Price Action: Getty shares were down 6.38% at $4.19 at the time of writing, according to Benzinga Pro.

Photo: 3844328 from Pixabay.