In its second-largest acquisition, Amazon buys the company for $970 million.
But losses mount for the online photo retailer.
Online sales revenue for online snapshot processor and photo album retailer Shutterfly Inc. grew more than 30% in the second quarter, but the same cannot be said for the bottom line, as losses more than doubled since the same period last year.
• Net sales of $99.0 million, a 30.7% increase compared with $75.8 million in Q2 of 2011.
• The number of transacting customers grew approximately 12% to nearly 1.9 million from just under 1.7 million in the second quarter of last year.
• Number of orders grew about 15% from nearly 2.6 million to about 3.0 million.
• Average order value increased 2.5% to $33.30 from $32.48.
• Net loss was $9.5 million compared with $3.7 million in the second quarter of 2011.
"We continued our financial momentum during the second quarter across our consumer and enterprise businesses through robust organic growth, strategic partnerships, and disciplined acquisitions," says CEO Jeffrey Housenbold. "We are building four lifestyle brands that leverage Shutterfly's cloud-based e-commerce and print-on-demand platforms to help millions of people stay connected and deepen their personal relationships by transforming their more than 15 billion photos into personalized products and gifts."
For the first six months of the year, the merchant reported:
• Net sales of $190.3 million, a 43.1% increase from $133.0 million in the first half of last year.
• A net loss of nearly $19.6 million, a 71.3% increase over approximately $11.4 million last year.
• Shutterfly is projecting a third quarter net loss of between $28.8 million and $30.3 million.