: Getty Images’s stock falls 15% after company swings to loss, cuts outlook


Shares of Getty Images Holdings Inc. GETY, -3.40% dropped more than 15% in the extended session Monday after the company reported preliminary second-quarter results that missed Wall Street expectations, swinging to a loss, and cut its sales outlook for the year. Getty lost $4.3 million, or one penny a share, in the quarter, contrasting with net income of $38.7 million, or 9 cents a share, in the year-ago period. Revenue fell 3.3% to $225.7 million, the company said. FactSet consensus called for earnings of 4 cents a share on sales of $236 million. Getty called for 2023 revenue between $920 million and $935 million, compared with a previous guidance of 2023 revenue between $936 million and $963 million. “The second quarter was a more challenging environment,” Chief Executive Craig Peters said in a statement. “The second quarter also saw us launch major search improvements through natural-language search, providing significantly improved returns against any customer query. We also continue to make progress in developing a truly differentiated generative AI service that addresses customers’ commercial needs and in introducing new AI modification capabilities within our sites.”

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

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