Getty Images (NYSE:GETY) adjusted its annual guidance downward after unexpectedly reporting a loss in the second quarter. The company’s performance was negatively impacted by the U.S. Hollywood strike and litigation costs.
Following the report, the company’s stock experienced a significant decline of more than 6% yesterday. The company posted a loss of $0.01 per share with revenue amounting to $225.7 million. These figures fell short of Wall Street’s expectations of $0.04 per share and $236.3 million in revenue, respectively.
The decline in revenue, which decreased by 3.3%, was driven by an additional $7 million in legal expenses related to ongoing litigation.
Looking forward, the company revised its revenue guidance to a range of $920 million to $935 million, down from the previous range of $936 million to $963 million.