Shutterstock Appoints Rik Powell As CFO, Lifts Annual Outlook; Stock Up Over 11%

(RTTNews) - Shutterstock, Inc. (SSTK) announced on Tuesday that its Chief Financial Officer Jarrod Yahes will be stepping down to pursue a new opportunity. The company named Rik Powell to replace Yahes.

Powell, who joined Shutterstock in June, has been serving as Senior Vice President of Finance and Investor Relations.

Looking ahead to the full year, Shutterstock has revised up its annual guidance.

Paul Hennessy, CEO of Shutterstock, said: "With the unlimited multi-asset subscription now part of our overall product suite, we are now well positioned to fulfill our customer needs. As a result of this business momentum, we are pleased to be able to raise our guidance for 2024."

For the full year, the company now expects adjusted income per share of $4.22 to $4.31, higher than the earlier outlook of $4.18 to $4.32 per share.

Annual revenue is now projected to be $935 million to $940 million, compared with prior guidance of $927 million to $936 million.

On average, five-analysts, polled by Thomson Reuters project the firm to generate revenue of $930.77 million, for the year analysts' estimates typically exclude special items.

SSTK was trading up by 11.26 percent at $32.86 on the New York Stock Exchange.