Shutterstock, Inc. SSTK Shares are trading lower on Thursday.

In a stock exchange announcement, the company informed John Caine that his employment as Chief Product and Digital Officer will end effective August 23, 2024. Caine joined the company on January 30, 2023 as Global Head of E-Commerce.

“Effective August 26, 2024, Jonathan Oringer will temporarily support the company’s digital marketplace in his role as Executive Chairman,” the filing states.

As announced earlier this month, Shutterstock also reiterated its forecast for 2024.

The company maintains its guidance and expects revenue of $927 million to $936 million (estimate: $923.03 million), representing year-over-year growth of 6 to 7 percent. Adjusted earnings per share are between $4.18 and $4.32 (estimate: $4.40) and adjusted EBITDA is between $245 million and $248 million.

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Earlier this month, the company reported second-quarter results with revenue of $220.1 million compared to $208.8 million a year earlier and adjusted earnings per share of $1.00 compared to $1.07 a year earlier.

Shutterstock had cash and equivalents of $74.9 million at the end of June. Last month, the company announced a dividend of 30 cents per share on outstanding common stock, payable on Sept. 12 to shareholders of record as of the close of business on Aug. 29.

According to Benzinga Pro, SSTK stock has lost over 22% in the past year. Investors can invest in the stock through the Small Cap US Equity Select ETF. RNSC.

Price promotion: At last check on Thursday, SSTK shares were trading 4.38% lower at $32.97.

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