Shutterstock reported a third-quarter net loss of $197.8 million, or $5.35 per diluted share, compared to net income of $13.4 million in the prior-year period. Revenue fell 33% year-over-year to $173.9 million, driven by a 19% decline in Content revenue and a 76% drop in Data Licensing. The loss included a $203.3 million non-cash goodwill impairment charge. Adjusted net income was $16.7 million, or $0.45 per share, while adjusted EBITDA declined 47% to $41.8 million. Concurrently, the company announced that Scott Grossman has been appointed Interim Chief Financial Officer, effective November 2, succeeding Rik Powell who is departing on November 13. Shutterstock operates in the creative content and generative AI industry, providing licensable assets and data solutions.
