Getty Images Surpasses Expectations With Strong Q4 Earnings Performance

Getty Images Stock Climbs on Better-Than-Expected Q4 Report Details

Getty Images (NYSE: GYI) shares surged on Wednesday after the visual content company reported better-than-expected fourth-quarter results.

The company posted a net loss of $13.1 million, or $0.14 per share, compared to a net loss of $23.5 million, or $0.26 per share, in the same period last year. On an adjusted basis, Getty Images reported a loss of $0.10 per share, beating estimates of a loss of $0.14 per share.

Revenue for the quarter came in at $375.5 million, up 13% year-over-year and exceeding expectations of $363.5 million.

"We are pleased to have delivered a strong Q4, driven by the continued growth of our core business and the success of our new initiatives," said Randy Pugliese, Getty Images' CFO. "We are confident in our ability to continue to execute on our strategy and drive long-term growth and profitability."

Getty Images' stock price rose over 10% in pre-market trading, and continued to climb throughout the day, ultimately closing up 14.1% at $43.50 per share.

The company's performance was driven by strong growth in its core business, including a 14% year-over-year increase in revenue from its Getty Images Collection. The company also saw significant growth in its new initiatives, including its stock and editorial offerings.

Getty Images' outlook for the full year was also positive, with the company expecting revenue to grow between 10% and 12% year-over-year. The company also expects its adjusted EBITDA to be in the range of $140 million to $150 million.

The company's strong performance and positive outlook sent a positive signal to investors, who have been concerned about the impact of the COVID-19 pandemic on the company's business. Getty Images' results suggest that the company's business is more resilient than previously thought, and that it is well-positioned to continue to grow and thrive in the future.