Two companies in the digital imaging business reported results on Wednesday, and they could not have been more different. The venerable (and bankrupt) Eastman Kodak continued to post losses, while Shutterstock Inc. (NYSE: SSTK) beat on earnings and revenues.

Kodak’s loss from continuing operations totaled $208 million, an improvement from its $297 million loss in the second quarter of 2012, but hardly encouraging as the company tries to work its way out of bankruptcy. The loss would have been $224 million if discontinued operations had been included.

Sales fell 17% year-over-year, but the company’s gross margins improved more than nine points to 23%. That makes the sales story even worse somehow.

At Shutterstock, revenues grew 40% year-over-year to $56.8 million, and adjusted earnings per share (EPS) rose to $0.23, solidly higher than estimates for revenues of $56.08 and EPS of $0.19. The company also raised its full-year revenue guidance to a range of $227 million to $229 million, where analysts had estimated revenues of $224.69 million.

Kodak continues to shrink, Shutterstock continues to grow. With a market cap near $2 billion, Shutterstock puts Kodak in the shade, and even when Kodak emerges from bankruptcy, it is hard to figure that it will be worth more than the newer company.

Shutterstock’s shares are up about 6.3% Thursday morning, at $56.85 in a 52-week range of $21.00 to $60.95.

Kodak’s shares are up 18%, at $0.13 in a 52-week range of $0.08 to $0.48.