Shutterstock reports Q1 adjusted EPS 58c vs. $1.03 last year

Reports Q1 revenue $199.2M vs. $242.6M last year. Commenting on the Company’s performance, Paul Hennessy, the Company’s Chief Executive Officer, said, “During the first quarter, we maintained a strong focus on operational discipline and cost management, delivering $43 million in Adjusted EBITDA in the face of ongoing industry headwinds. While first quarter revenue was impacted by a slower start in our Content business than expected and the timing of revenue recognition associated with data licensing deals, we continue to invest in areas that will drive long-term growth and remain committed to simplifying our product offerings to better meet our customers’ needs.” With regards to the pending merger with Getty Images, Hennessy said, “Like Getty Images, we disagree with the CMA’s most recent assessment and do not believe the merger would substantially lessen competition in Editorial content in the UK. We remain confident in the merits of the merger and will continue working closely with Getty Images and the CMA toward closing.”