Seattle-based visual content company, Getty Images Holdings, has announced a loss in the second quarter due to impacts from foreign currency fluctuations. The preliminary results reveal a loss of $4.06 million, or a penny a share, for the quarter ended June 30. This is in contrast to a profit of $18.8 million, or 9 cents a share, in the same quarter last year.
Analysts expected earnings of 4 cents per share, according to FactSet data. Revenue also saw a decline of 3.3%, falling to $225.7 million from $233.3 million. This missed analysts’ estimates of $236.3 million.
Notably, both creative and editorial revenue declined over 3% during the second quarter. However, the company remains optimistic about customer commitment and content utilization, especially through growth in subscriptions, new customers, and in their Corporate sector.
Chief Executive Craig Peters stated, “The second quarter was a more challenging environment; however, we continue to see increased customer commitment and content utilization, notably through growth in subscriptions, new customers, and in our Corporate sector.”