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Getty Images cuts revenue guidance after unexpected Q2 loss

Investing.com -- Getty Images cut its annual guidance Monday after reporting an unexpected loss in the second quarter as impacts from the U.S. Hollywood strike and litigations costs weighed on performance. 

Getty Images Holdings Inc (NYSE:GETY) was down more than 14% in afterhours following the report. 

Gety reported a loss of $0.01 a share on revenue of $225.7 million, missing Wall Street estimates for $0.04 and $236.3M, respectively. 

Revenue fell 3.3%, driven by $7 million of incremental legal expenses related to ongoing litigation. 

Looking ahead, the company its guidance on revenue to a range of $920M to $935M from a range of $936M to $963M previously. 

"Looking ahead, we are updating our Full Year 2023 guidance to reflect our performance through the first half of this year, ongoing macro-economic and Agency sector pressures, expected impacts from the U.S. Hollywood strikes, as well as litigation costs that are expected to be largely concentrated in the first half of 2023,” the company said

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.