Shutterfly posts drop in profit, says to reduce workforce

Reuters News
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Posted: Feb 01, 2017 4:32 PM

(Reuters) - Digital imaging company Shutterfly Inc <SFLY.O> reported a 30.6 percent fall in quarterly profit and said it would reduce its workforce by about 13 percent as part of its restructuring.

The company's net income fell to about $91 million, or $2.63 per share in the fourth quarter ended Dec. 31, from $131.1 million, or $3.57 per share, a year earlier when it recorded a tax benefit.

Revenue rose 2.4 percent to $561.2 million.

The company's shares tumbled about 15 percent to $44 in trading after the bell on Wednesday.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza)