Getty Images getting Clobbered

Getty Images, the world's biggiest supplier of pictures used in advertising and the guy who has been buying everyone up recently, reported second quarter profit and sales that rose less than analyst estimated.

They still made a hearty $218 million.

Getty announced that it was going to lay off as many as 100 employees. Cutcaster is sorry to hear that people are losing thir jobs but Cutcaster is ramping up and we welcome all resumes.

Getty's stock is currently down 15%. I guess the days of a $90 stock price are over for Getty no matter how hard they try to buy up the industry and control it.

UPDATE

Getty's stock is now down over 21%. Jonathon Klein put out a simple strategy for dealing with the disaster by saying, "My advice is simple - ignore it." I don't know if you can tell the people that lost their job or the investors who are losing money to just ignore it but the message he sent is definitely "simple." For a complete rundown of his letter which highlights the Getty business and where it currently stands, check out StockPhotoTalks write up.