Shutterstock shares are trading higher after the company reported better-than-expected Q3 financial results and issued FY24 guidance above estimates. Also, the company announced it will integrate its GIPHY API into TikTok's messaging platform.
Portfolio Pulse from Benzinga Newsdesk
Shutterstock shares rose following strong Q3 results and optimistic FY24 guidance. The company will also integrate its GIPHY API into TikTok's messaging platform.
October 29, 2024 | 1:31 pm
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POSITIVE IMPACT
Shutterstock's stock price increased due to better-than-expected Q3 results and positive FY24 guidance. The integration of GIPHY API into TikTok's messaging platform is a strategic move that could enhance user engagement.
The better-than-expected Q3 results and optimistic FY24 guidance are strong indicators of Shutterstock's financial health, likely boosting investor confidence. Additionally, the integration of GIPHY API into TikTok's platform could increase Shutterstock's reach and user engagement, further supporting a positive stock price movement.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100