Shutterfly revenue beats estimates on photo print sales
(Reuters) - Shutterfly Inc (SFLY.O), an online photo-sharing service, reported better-than-expected quarterly revenue helped by rising demand for photo printing, and it forecast current-quarter revenue largely above analysts' expectations.
The company's shares rose as much as 4 percent in after-market trading.
Shutterfly, which enables users to store and share images and create custom-printed photobooks, cards and albums, forecast revenue of $118 million to $121.2 million in the second quarter.
Analysts were expecting revenue of $119.2 million, according to Thomson Reuters I/B/E/S.
The company's net loss widened to $12.4 million, or 33 cents per share, in the first quarter from $10 million, or 29 cents per share, a year earlier.
Analysts had expected a loss of 40 cents per share.
Revenue increased 28 percent to $116.7 million, above analysts' expectations for $109.7 million. This is the tenth consecutive quarter that the company's revenue has beaten estimates.
Revenue at the consumer business, built around the sale of photo books, calendars and other photo-based products, rose 29 percent to $116.7 million.
Shares of the company, which competes mainly with Hewlett-Packard's (HPQ.N) Snapfish, Webshots and Facebook Inc (FB.O), closed at $44.90 on the Nasdaq on Wednesday.
(Reporting By Aurindom Mukherjee and Supantha Mukherjee in Bangalore; Editing by Rodney Joyce)