Getty Images Holdings Inc. on Monday posted a drop in revenue in its latest quarter and said it continues to see macroeconomic headwinds and foreign exchange effects.
The visual content company swung to a loss of $22.9 million, or 6 cents a share in the fourth quarter, compared with a profit of $22.7 million, or 11 cents a share, for the same period a year earlier.
Revenue declined 3.2% to $231.5 million on the back of foreign exchange pressures, Getty Images said. Analysts polled by FactSet had forecast revenue of $241.7 million.
Creative revenue fell 6.8% to $145.1 million, representing 63% of total revenue. Revenue on the company’s editorial side increased 3.1% to $82.2 million, it added.
The company didn’t provide any comments on the legal battle with artificial intelligence company Stability AI Inc.
Early in February, Getty Images filed a lawsuit against AI Inc accusing it of using more than 12 million of its copyrighted images to train its Stable Diffusion AI image-generation system. Getty Images didn’t allow the use of these images and never received compensation for it, the company said on Feb. 3.
