Getty Images sales forecast tops expectations, but stock falls

Getty Images Holdings Inc. (GETY) 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.

-Bill Peters

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05-11-23 1628ET

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