Shutterstock (NYSE: SSTK) reported Q1 EPS of $0.12, $0.10 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $161.3 million versus the consensus estimate of $166.82 million.

Commenting on the Company's performance, Stan Pavlovsky, the Company's Chief Executive Officer, said, "Amidst unprecedented economic uncertainty globally, Shutterstock has remained resilient and strong, providing our customers with custom services and fresh and relevant content they need to reach their audiences during this time. We are grateful for our contributor community, who continue to document the extraordinary change in our daily lives. Our first quarter results reflect the strength of the Shutterstock brand. We remain focused on executing on our 2020 vision, driving long-term value for our shareholders and are confident that our resilience will make us stronger in the days and years to come.

I am immensely grateful to our employees for rising to the challenge and continuing to support our customers and contributors. On behalf of the Shutterstock community, we would like to thank those working tirelessly and risking their well-being to support the global community."

First Quarter 2020 highlights compared to First Quarter 2019:

Key Operating Metrics

• Paid downloads decreased 1% to 46.8 million.
• Revenue per download remained flat at $3.42.
• Image collection expanded 27% to approximately 330 million images.
• Video collection expanded 29% to approximately 18 million clips.

Financial Highlights

• Revenue decreased 1% to $161.3 million. On a constant currency basis, revenue decreased 0.5%.
• Income from operations decreased by 29% to $5.8 million.
• Net income decreased by 43% to $4.3 million.
• Adjusted EBITDA decreased 14% to $22.1 million.
• Diluted EPS decreased by $0.09 to $0.12 per share.

2020 GUIDANCE UPDATE

"Given the significant uncertainty that remains regarding the COVID-19 pandemic, including the pace of recovery, the severity of the impact on the global economy, our customers' ability to maintain marketing spend, and the resulting difficulty in forecasting, we are withdrawing the 2020 financial guidance we previously announced on February 13, 2020.

While revenues have been negatively impacted since the onset of the pandemic, at current volumes, we expect to produce significant earnings and free cash flow in 2020, allowing us to continue paying a quarterly dividend and reinvesting in our business. We are well positioned financially with $296 million in cash and no debt. Our strong liquidity position combined with the progress we are making against our margin enhancement initiatives make us well positioned to meet our financial objectives when demand returns to historical levels," concluded Jarrod Yahes, Chief Financial Officer.

Due to the unprecedented nature of the COVID-19 pandemic, and the uncertainty with respect to the severity and duration of its impacts to the Company's business, the Company has withdrawn its 2020 financial guidance previously announced on February 13, 2020.

For earnings history and earnings-related data on Shutterstock (SSTK) click here.