Shutterstock reported third-quarter 2026 results alongside a change in its finance leadership. The company said it is cutting costs as it faces continued pressure in its core Content business and volatility in the timing of Data Licensing deals, while positioning its content library and data capabilities for opportunities tied to generative AI.
Scott Grossman, a finance executive who has worked at Shutterstock since 2022, is taking over as interim chief financial officer. Rik Powell is leaving the CFO role and is scheduled to depart the company on November 13.
Key details
- Operating costs fell sharply: Product Development and Selling, General and Administrative expenses totaled $96 million in the third quarter, down 30% from a year earlier. Shutterstock said that amounted to $39 million in quarterly savings.
- Further savings are planned: Headcount has fallen 16% year to date. The company said it remains on track to achieve $60 million in annualized run-rate operating expense reductions, a target it set in its second-quarter earnings announcement.
- Business conditions remain mixed: Management cited continued headwinds in the Content segment and volatility in the timing of Data Licensing deals.
- AI is central to the company’s strategic focus: Shutterstock said it aims to build on its content library, data capabilities and relationships across the creative ecosystem as AI changes how creative content is produced and consumed. It said it will continue investing in opportunities it believes can increase value for customers and contributors.
- Finance leadership is changing: Grossman will serve as interim CFO. He most recently led global finance at Shutterstock and previously held senior finance roles at the company, including in finance strategy and investor relations and financial planning and analysis. Before joining Shutterstock, he worked in finance roles at Compass, Spotify and several media and advertising companies.
- Grossman’s interim compensation includes a $450,000 annual base salary and a target annual cash bonus equal to 60% of base salary, based on individual and company performance objectives. His bonus will be prorated for his initial year.
- Powell’s departure follows a broader leadership role: CEO Jon Oringer thanked Powell for his contributions, including stepping into the interim CEO role earlier in the year.
Plain-English implications
The CFO handoff is an internal appointment, with a finance executive already familiar with Shutterstock’s operations taking the interim role. The company’s immediate emphasis is on cost control: it has already reduced expenses and headcount, and says more annualized savings are on track.