: Getty Images sales forecast tops expectations, but stock falls


Getty Images Holdings Inc. GETY, -1.60% on Thursday reported a first-quarter profit that missed expectations, but sales and the company’s full-year sales forecast came in slightly above estimates. Shares fell 2.1% after hours. The photo and video library service said it expected full-year sales of $936 million to $963 million, with the midpoint slightly higher than FactSet estimates for $947.5 million. For the first quarter, the company reported net income of $3.2 million, or a penny a share, compared with $25.1 million, or 3 cents a share, in the same quarter last year. Revenue rose 2% to $235.6 million, compared with $230.9 million in the prior-year quarter. Analysts polled by FactSet expected Getty to earn 4 cents a share, on revenue of $228.6 million. Chief Executive Craig Peters said increased consumption of the service’s content, along with growth in new customers, subscriptions and subscription renewal rates, helped the results.

This article was originally published by Marketwatch.com. Read the original article here.

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