Orringer’s photo sharing web site recorded record earnings that were considerably higher than had been estimated.
Jon Orringer’s Shutterstock rounded off 2013 with a record fourth quarter, largely driven by the photo sharing giant’s continued expansion of their overseas operations
Shutterstock finished the year stronger than ever, according to its founder and CEO Jon Oringer as a result of their expansion of overseas operations that have been growing. The CEO maintains the company is well positioned for the current fiscal year, to deliver innovation and inspiration to its 55000 contributors and over 1 million users across the globe.
Income for the fourth quarter jumped by 38%, reaching $68 million compared to just over $49 million registered for the same period in 2012, while annual income reached similar levels up by 39% to reach $169.6 million.
On the negative side income for the quarter took a downward slant compared to a remarkably profitable fourth quarter in 2012, which brought in $29 million, which makes the $7.9 million for 2013, although still representing around 10% nett. Despite that, earnings per share for the quarter was $0.26 per share, considerably better than the $0.21 returned in the same quarter of 2012, as well being higher than most industry forecasts for the quarter.
Jon Oringer graduated with a Bachelor of Science degree in Math and Computer Science from Stony Brook University, and completed his Master’s degree in Computer Science at Columbia University
Jon established Shutterstock in 2003 primarily to market his own images. It soon became obvious that the online public liked the ability to pick out and instantaneously download images online and at a reasonable cost.
Demand was so strong for the Shutterstock service that within a matter of months, Jon Oringer began to realize that he would never be able to keep the demand on his own, and began to put out feelers to other professional photographers, inviting them to place their images on his site, with Shutterstock acting as a form of sales agent. This formula proved to be successful, and has remained in place ever since.
Since its modest beginning in 2003, when its entire media library consisted of just 30, 000 royalty-free stock images, today that the library has grown to offer a choice of more than 20 million images.
His success and high profile has brought Jon Oringer more than his fair share of recognition being awarded the prize of New York’s Technology Entrepreneur of the Year by Ernst & Young in 2012.