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Shares of Shutterstock dive after earnings, sales miss

Jon Oringer, chief executive officer of Shutterstock
Chris Ratcliffe | Bloomberg | Getty Images
Jon Oringer, chief executive officer of Shutterstock

Shutterstock shares plunged after the photo and video company reported a fourth-quarter earnings and revenue miss on Monday.

The stock shed more than 16 percent in Monday trading.

The New York-based company posted adjusted earnings of 42 cents per share on revenue of $130.2 million. Sales rose 12 percent year-over-year from $116 million.

A consensus of analysts polled by Thomson Reuters expected earnings of 45 cents per share on revenue of $135.3 million.

Shutterstock announced on Monday that starting March 1, CFO Steven Berns, will also take on the role of COO.

Shutterstock shares 5-day performance

Revenue for all of 2016 was $494.3 million, up 16 percent year-over-year from $425.15 million. The surge in sales was aided by new customer growth and a 14 percent increase in paid downloads from 2015.

Shutterstock's image collection grew 63 percent in 2016 to 116.2 million images, up from 71.4 million last year.

The company also released their 2017 guidance, expecting revenue to hit between $545 million and $560 million.