Getty Images Stock Climbs On Better-Than-Expected Q4 Revenue Results

Getty Images Holdings Inc. GETY reported its fourth-quarter financial results after the bell Thursday. Here's a look at the details. 

The Details: The company reported quarterly sales of $225.94 million which beat the analyst consensus estimate of $216.46 million by 4.38% and is a 2.39% decrease over sales of $231.47 million from the same period last year.

Getty Images reported editorial revenue of $75.7 million, down 7.9% year over year, primarily due to the slowdown related to the Hollywood actors and writers strikes.

Annual subscription revenue as a percentage of total revenue grew to 54.5% up from 50.2% year-over-year.

“In a difficult 2023, Getty Images continued to lay a strong foundation grounded in our core value propositions of helping our customers create at a higher level, saving them time and money and eliminating risk,” said Craig Peters, CEO of Getty Images.

Outlook: Getty Images expects fiscal year 2024 revenue of between $928 million and $947 million, versus the $940.506 million consensus estimate.

“In 2023, we remained fiscally disciplined, generated healthy levels of free cash flow, and ended the year with a strong balance sheet,” said Jenn Leyden, CFO of Getty Images. “And as we look to 2024, we believe that we are well positioned to return to top-line growth while remaining fiscally disciplined to continue to deliver healthy profitability.”

GETY Price Action: According to Benzinga Pro, Getty Images shares are trading up 8.74% after-hours at $5.60 at the time of publication Thursday.

Related News: What’s Going On With Bitcoin Miners Marathon Digital And Riot Platforms Stock?

Photo: Shutterstock