UPDATE 1-Shutterfly posts wider Q3 net loss
(Recasts, adds details)
Oct 30 (Reuters) - Online photo-sharing company Shutterfly Inc (SFLY.O: Cotización) posted a wider quarterly loss on increased costs, sending shares down 10 percent.
Net loss for the third quarter was $3.3 million, or 14 cents a share, compared with a net loss of $2.7 million, or 70 cents a share, a year ago. The company had a higher number of weighted average shares in the latest quarter.
The Redwood City, California based-company, which went public in September 2006, said revenue rose 54 percent to $32.6 million. Total operating expenses rose 43 percent to $22 million.
Analysts on average expected the company to post a loss of 16 cents a share, before exceptional items, on revenue of $31 million, according to Reuters Estimates.
The company expects fourth-quarter revenue of $90.5 million to $93.5 million and fiscal 2008 revenue of $240 million to $255 million.
Analysts were expecting fourth-quarter revenue of $92.9 million and fiscal 2008 revenue of $244 million.
The online photo industry is in the midst of a market shakeout. Yahoo Inc YHOO.O is shutting the Yahoo Pictures service to support its Flickr social networking site. Imagestation, run by Sony Corp (6758.T: Cotización), is set to close, as are smaller sites such as Filmloop, PhotoTLC and Clubphoto.
Shares of the company were down at $32.75 in late electronic trade, after closing at $36.40 Tuesday on the Nasdaq. (Reporting by Purwa Khandelwal in Bangalore)
© Thomson Reuters 2017 All rights reserved.