July 27, 2006 - Like many other corporations this week, leading stock photography company Getty Images, Inc. announced their financial quarterly results on Tuesday, reporting a revenue increase and loss of net income.
Getty reported revenue of $204.8 million in the second quarter, a period ending June 30. The revenue grew 10.5 percent from last year’s $185.3 million in the same quarter, according to Getty’s press release.
Although revenue grew, Getty faced a loss of net income, with last year’s $34.0 million falling to $22.3 million this quarter, according to Photo Marketing Association. The company announced in May that Getty lost subleased property in New York and other short-term investments, said the release.
Despite the financial losses, Getty predicts the third quarter will see $205 to $210 million in revenue, and the year will round out with $820 to $830 million. Last fiscal year, Getty made $733.7 million in revenue.
Established in 1995, Getty now contains a collection of 3.2 million images, according to the Getty website, with images featured for news and commercial purposes around the world.
"Nearly 100 percent of the company’s visual content is delivered digitally," states the website.