But its net loss widens to $10.5 million.
It was another quarter with double-digit sales growth for online photo processor and photo album retailer Shutterfly Inc., but one that still ended with a net loss.
Jeff Housenbold, Shutterfly president and CEO, says that the results from the first nine months of 2012 validate the company’s long-term strategy and that “our market opportunity remains significant and that the strategies that have enabled us to emerge as the online market share leader will continue to distinguish us from our competition.”
Shutterfly’s results pleased analyst Colin Sebastian at Baird Equity Research. “While guidance reflects some caution related to the macro backdrop, we continue to believe Shutterfly is well positioned as the clear market leader in digital photo products,” Sebastian writes in a research note. Third quarter results were above his expectations, “as the company benefited from healthy organic growth and faster integration of recent acquisitions.” In September, Shutterfly bought Penguin Digital Inc., a mobile app developer.
For the first nine months of the year, the merchant reported:
Shutterfly is forecasting 2012 revenue to range from $589.0 million to $599.0 million.