Getty Revenues Continue Downward Slide

Posted on 11/1/2007 by Julia Dudnik Stern | Printable Version | Comments (0)

Getty Images announced a 5.5% increase in third-quarter revenues from 2006 figures. The increase is a smaller percentage than Getty reported in the second quarter, which was up 6.5% from the previous year. In addition, third-quarter revenues of $209 million are approximately 10% ($9 million) less than those generated during the second quarter of 2007.

Net income reported was $25.7 million, a significant drop from both the third quarter of 2006 and last quarter of this year, when the company netted $36.3 million and $33.7 million, respectively. Since last quarter, cost of revenue has remained almost the same, and selling, general and administrative expenses went up by two percentage points.

Getty Images co-founder and CEO Jonathan Klein stresses the company’s progress in expanding beyond the traditional creative-stills imagery business. Klein views the new corporate Web site, Getty’s improved standing in the fast-growing entertainment imagery segment, expanded multi-media and editorial footage offerings, new Web-use license, entry into the music industry and launch of the Soundtrack music service as notable successes in achieving the goal of becoming a broad-based digital media company.

An in-depth analysis of Getty’s third-quarter financial results and future outlook by Selling Stock’s Jim Pickerell is forthcoming

Copyright © 2007 Julia Dudnik Stern. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz


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