Shares of photo-sharing site Shutterfly (SFLY) flew high Wednesday, soundly beating expectations in its first-quarter earnings report.
XShutterfly shares were up 15%, near 94.70 during afternoon trading on the stock market today, hitting a record high. The shares are up 77% since posting fourth-quarter earnings on Jan. 30 that also topped views.
After the market close Tuesday, Shutterfly reported first-quarter revenue of $199.7 million, fueled by its business enterprise unit. That's up 4% from the year-ago quarter and beats the consensus estimate of $192 million.
It reported an adjusted loss of 73 cents per share, smaller than the consensus of a 91-cent loss.
Shutterfly's online service enables customers to create personalized photobooks, photo calendars, greeting cards, stationary and other products. While the consumer market is its core focus, the company has a small but fast-growing operation that serves the business enterprise field.
Notable Progress
Including results from the recent acquisition of Lifetouch, management expects 2018 revenue in the range of $2.01 billion to $2.06 billion.
"We continue to execute against our strategic plan, with notable progress in mobile as well as pricing and promotion optimization," said Christopher North, company chief executive, in prepared comments with the earnings release.
Baird analyst Colin Sebastian, in a research report after earnings posted, maintained a neutral rating and price target of 85.
"Looking ahead, we continue to expect the acquisition of Lifetouch to lead to revenue and cost synergies, with upside potential to the company's medium-term outlook," Sebastian wrote.
Goldman Sachs upgraded Shutterfly to a rating of neutral from sell and raised its price target to $87 from $50.
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