Why Getty Images Stock Is Out of Focus Today
Getty Images (NYSE: GETY) reported earnings last night, and the results weren't exactly picture perfect. Today, the stock photo giant's stock fell as much as 23% in the morning session before recovering to a milder 13% drop as of 1:20 p.m. ET.
In the third quarter of 2022, Getty's sales declined by 2.8% year over year to $231 million. Backing out currency exchange headwinds, revenues increased 2.8% from the year-ago period instead. The company recorded a net loss of $0.51 per diluted share, down from a net profit of $0.08 per share in the year-ago period.
Year-over-year comparisons are an apples-and-oranges situation here, since Getty went public by merging with a special purpose acquisition company (SPAC) as recently as July 2022. This is only the second earnings report after Getty's market entry, and the comparable period of 2021 was a radically different business environment.
Source Fool.com
