Shutterstock (NYSE: SSTK) reported Q2 EPS of $0.53, $0.27 better than the analyst estimate of $0.26. Revenue for the quarter came in at $159.2 million versus the consensus estimate of $149.99 million.

Second Quarter 2020 highlights compared to Second Quarter 2019:

Key Operating Metrics

• Subscribers increased 29%, to 223,000.
• Subscriber revenue increased 8% to $62.7 million.
• Average revenue per customer, increased 0.2% to $326.
• Paid downloads decreased 6% to 44.0 million.
• Revenue per download increased by $0.17 to $3.61.
• Image collection expanded 21% to approximately 340 million images.
• Footage collection expanded 27% to approximately 19 million clips.

Financial Highlights

• Revenue decreased 2% to $159.2 million. On a constant currency basis, revenue decreased 1%.
• Income from operations increased by $19.5 million to $22.5 million.
• Net income increased by $15.7 million to $19.0 million.
• Adjusted EBITDA increased by $11.9 million to $37.0 million.
• Diluted EPS increased by $0.44 to $0.53 per share.

Commenting on the Company's performance, Stan Pavlovsky, the Company's Chief Executive Officer, said, "Shutterstock delivered a strong second quarter characterized by revenue that surpassed our expectations. Our margin expansion initiatives have begun to take hold, which has resulted in record adjusted EBITDA for the quarter. I am impressed by the resiliency of our business and our ability to deliver strong performance in the current operating environment. Based on a higher level of confidence we have in our business outlook, we are accelerating several targeted investments in our platform solutions offering and marketing and brand building to support growth in our subscriptions products.

Jarrod Yahes, the Company's Chief Financial Officer, said, "As our business evolves towards a primarily subscription-based model, we are now disclosing additional key operating metrics to the investor community. We expect the increase in subscriber revenues to result in greater operating leverage and allow us to consistently deliver incremental margin expansion over a sustained period of time. In order to highlight our market opportunity and business model, we have made a new interactive investor relations microsite available to investors this quarter."

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