Getty Images Holdings, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable improvements in revenue and profitability compared to the previous fiscal period. Total revenue for the three months reached $240.5 million, a 4.9% increase from $229.3 million in Q3 2023. For the nine months, revenue slightly rose to $692.0 million, up 0.2% from $690.6 million in the same period last year.

The company experienced a significant increase in income from operations, which amounted to $57.4 million for Q3 2024, compared to just $3.9 million in Q3 2023. This improvement was driven by a reduction in total operating expenses, which fell by 18.7% to $183.1 million. The net loss for Q3 2024 was $2.5 million, a substantial improvement from a net loss of $18.4 million in the same quarter of the previous year. For the nine-month period, Getty Images reported a net income of $14.7 million, contrasting with a net loss of $19.5 million for the same period in 2023.

Revenue from Creative products decreased by 7.9% to $133.7 million in Q3 2024, while Editorial products saw a 16.1% increase to $92.8 million. The Americas region contributed $139.6 million in revenue for Q3, up from $127.6 million in the prior year. The company also noted a significant increase in "Other revenue," which rose by 239.3% to $14.1 million, primarily due to a new five-year Creative content deal.

Strategically, Getty Images completed the acquisition of Motorsport Images LLC on April 1, 2024, for a total consideration of $15.1 million, which included cash and stock. The acquisition is expected to yield synergies, although revenue from Motorsport Images was not material to the consolidated financials for the reporting period.

On the balance sheet, total assets as of September 30, 2024, were $2.585 billion, down from $2.602 billion at the end of 2023. Cash and cash equivalents decreased to $109.9 million from $136.6 million. The company also made voluntary prepayments of $55.2 million on its term loans during the nine months ended September 30, 2024.

In terms of operational metrics, the total number of purchasing customers decreased by 12.9% to 719,000, while active annual subscribers increased by 47.7% to 298,000. The annual revenue per purchasing customer grew by 14.3% to $1,277.

Overall, Getty Images is navigating a challenging market environment while making strategic investments and adjustments to improve its financial performance.