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© Reuters. Getty Pictures inventory drops 3% on Q3 EPS miss & steering lower
Getty Pictures (GETY) shares fell greater than 3% after-hours following the corporate’s reported Q3 outcomes and steering lower.
Q3 EPS got here in at ($0.05), worse than the consensus estimate of $0.04. In the meantime, income of $229.3 million (down 0.5% year-over-year) beat the consensus estimate of $228.14M.
Inventive income got here in at $145.2 million, flat year-over-year, whereas editorial income was $79.9M, down 2.3% year-over-year. Annual subscription income as a share of whole income elevated to 55.9%, up from 49.4% in Q3/22.
“We’re revising our 2003 steering as a result of ongoing difficult market circumstances, together with the adversarial impacts from the Hollywood strikes and pressures on our company enterprise, in addition to as a result of impression from the sudden strengthening of the U.S. greenback. We imagine these impacts will proceed by the fourth quarter,” mentioned CFO Jennifer Leyden.
The corporate expects fiscal 2023 income to be within the vary of $900-$910M (vs. prior $920-$935M), worse than the consensus estimate of $926.88M.
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