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Squarespace Beats Earnings, Revenue Expectations – Cuts FY22 Revenue Outlook

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Updated 25 Jul 2022

Key points:

  • Squarespace reports earnings before the open Monday, July 25
  • The website builder beat profit and revenue expectations
  • However, it cut its 2022 revenue forecast

Squarespace (NYSE: SQSP) reported earnings before the open Monday, July 25th, beating profit and revenue expectations.

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The website building and e-commerce platform posted earnings per share of 45 cents on revenue of $212.07 million. Analysts expected earnings of 15 cents per share on revenue of $212.01 million.

The company's commerce revenue grew 13% year-over-year to $66.2 million, unique subscriptions increased 6% year-over-year to 4.2 million, and average revenue per unique subscription increased 6% year-over-year to $204.

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Also Read: What Do Quarterly Earnings Mean for Investors?

Looking ahead, Squarespace expects third-quarter revenue between $213 million to $218 million. However, it cut its revenue target for 2022 to between $857 million and $867 million, below the previous forecast of $867 million to $879 million.

“Squarespace achieved $213 million in revenue, growing 12% year over year in constant currency,” said Anthony Casalena, Founder & CEO of Squarespace. “We continue to track well against our product roadmap as we seek to bring more value to our millions of customers worldwide. Our recent launch of Fluid Engine, a core enhancement to our page building experience, represents a major step forward in no-code web design for professionals and beginners and we are excited it is now available to customers globally.”

Marcela Martin, Squarespace's CFO, said the firm's “revenue and unlevered free cash flow results delivered against our plans; without the impact of FX headwinds, we would have exceeded our revenue guidance.”