Following this transaction, Foca retains direct ownership of 445,773 shares. The sale was conducted under a Rule 10b5-1 trading plan, which was established to cover mandatory tax withholding obligations associated with the vesting of restricted stock units awarded to Foca in March 2023. The transaction was carried out in multiple trades, with prices ranging from $2.17 to $2.26 per share.This move is part of a standard practice for executives managing their equity compensation and tax obligations. InvestingPro subscribers can access detailed financial health metrics and 10+ additional ProTips for Getty Images, along with comprehensive Pro Research Reports available for over 1,400 US stocks. InvestingPro subscribers can access detailed financial health metrics and 10+ additional ProTips for Getty Images, along with comprehensive Pro Research Reports available for over 1,400 US stocks.
Following this transaction, Foca retains direct ownership of 445,773 shares. The sale was conducted under a Rule 10b5-1 trading plan, which was established to cover mandatory tax withholding obligations associated with the vesting of restricted stock units awarded to Foca in March 2023. The transaction was carried out in multiple trades, with prices ranging from $2.17 to $2.26 per share.
This move is part of a standard practice for executives managing their equity compensation and tax obligations.
In other recent news, Getty Images and artificial intelligence development company, Clarifai, have announced a partnership to offer AI-generated images to Clarifai's enterprise customers. This collaboration allows for the creation of unique visual content, providing an alternative to traditional stock imagery. Both companies have emphasized the commitment to commercial safety, intellectual property respect, and customer confidence in using AI-generated visuals for commercial purposes.
In terms of financials, Getty Images reported a 4.9% year-on-year revenue increase in its Third Quarter 2024 Earnings Call, reaching $240.5 million, with an adjusted EBITDA of $80.6 million. The company experienced significant growth in subscription and editorial revenues, now making up over half of the total revenue. Despite a decrease in creative revenue and a deficit in free cash flow, Getty Images raised its revenue guidance for 2024 to a range of $934 million to $943 million, with adjusted EBITDA expectations set between $292 million and $294 million.
These recent developments reflect Getty Images' strategic growth commitment and debt reduction efforts. CEO Craig Peters expressed his optimism about growth through generative AI initiatives and data licensing efforts. This partnership and financial performance indicate Getty Images' resilience and clear direction for continued development.
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