Shutterstock (NYSE: SSTK), a leading global creative platform, reported impressive third-quarter 2024 financial results that exceeded Wall Street expectations. The company's revenue and adjusted earnings surpassed analyst estimates, propelling its stock higher in premarket trading.

For the third quarter, Shutterstock reported revenue of $250.6 million, up 7.4% year-over-year, beating the consensus estimate of $240.8 million. The company's adjusted earnings per share (EPS) of $1.31 also surpassed analyst expectations of $1.13.

Shutterstock's adjusted EBITDA reached $70 million, an 8.9% beat compared to the estimate of $64.25 million. The company's strong performance was driven by robust demand for its content offerings and the successful integration of its recent acquisition, Envato.

Encouraged by the solid third-quarter results, Shutterstock raised its full-year 2024 revenue guidance to a range of $935 million to $940 million, up from its previous guidance of $927 million to $936 million. The company also lifted its adjusted EPS guidance for the year to $4.22 to $4.31, compared to its earlier guidance of $4.18 to $4.32.

In addition to the strong financial performance, Shutterstock announced a leadership change. Chief Financial Officer Jarrod Yahes will be departing the company to pursue another opportunity, and Rik Powell, who joined Shutterstock in June as Senior Vice President of Finance and Investor Relations, will assume the role of CFO.

Furthermore, Shutterstock's subsidiary GIPHY, the world's largest library of GIFs and stickers, announced a partnership with TikTok to enhance the platform's direct messaging experience with AI-powered GIF recommendations.