SEATTLE—Mikael Cho, Senior Vice President at Getty Images Holdings, Inc. (NYSE:GETY), disclosed the sale of 1,334 shares of Class A Common Stock, according to a recent SEC filing. The shares were sold at a price of $3.00 each, amounting to a total transaction value of $4,002. The sales were conducted under a Rule 10b5-1 trading plan, which was adopted on August 27, 2024.
Following these transactions, Cho holds 118,647 shares directly, while an additional 103,312 shares are held indirectly by his spouse. These transactions reflect Cho's ongoing involvement with the company, as he continues to manage his equity holdings in Getty Images.
In other recent news, Getty Images reported a 4.9% year-on-year revenue increase in its Q3 2024 earnings call, reaching $240.5 million, with an adjusted EBITDA of $80.6 million. The company saw a significant rise in subscription revenue, now over half of the total revenue, and a 16.1% growth in editorial revenue, attributed to major events such as the Paris Olympics. However, it experienced a decrease in creative revenue and a free cash flow deficit. Despite these challenges, Getty Images remains committed to growth, particularly through its generative AI initiatives and data licensing efforts. CEO Craig Peters anticipates these areas to contribute significantly to growth by 2025. The company has raised its revenue guidance for 2024 to between $934 million and $943 million. These are recent developments in the company's strategic growth and financial performance.
InvestingPro Insights
Getty Images Holdings, Inc. (NYSE:GETY) has been facing some headwinds, as reflected in both its financial metrics and recent stock performance. According to InvestingPro data, the company's stock has seen a significant decline, with a 1-month price total return of -26.93% and a year-to-date return of -44.19%. This aligns with the InvestingPro Tip that the stock has fared poorly over the last month and is trading near its 52-week low.
Despite these challenges, Getty Images maintains a strong gross profit margin of 72.75% for the last twelve months as of Q3 2024, indicating efficient cost management in its core business. The company's adjusted operating income margin stands at a healthy 21.63% for the same period, suggesting that Getty Images is still able to generate substantial profits from its operations.
An InvestingPro Tip highlights that analysts predict the company will be profitable this year, which could potentially signal a turnaround in the stock's performance. This optimism is further supported by the company's price-to-earnings (P/E) ratio of 22.14, which may indicate that the market still has some faith in Getty Images' future earnings potential.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Getty Images' financial health and market position. There are 6 more InvestingPro Tips available for GETY, which could be valuable for those looking to make informed investment decisions.
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