Squarespace tops guidance with strong Q1

Views:90 Time:2024-05-08 21:48:43 Author: NiceNIC.NET

Website and domain company reports robust growth and ups guidance for the full year.

Squarespace tops guidance with strong Q1

Squarespace (NYSE: SQSP) reported Q1 earnings before the markets opened this morning.

The company reported 19% year-over-year revenue growth with $281.1 million in Q1. It had previously guided to $274 million to $277 million.

Q1 organic growth, which excludes its Google Domains acquisition and partnership, as well as the net impacts of price increases and currency fluctuations, was 13%.

Presence revenue, which includes websites and domains, was up 22%, and Commerce revenue was up 11%.

The company closed Q1 with 4.9 million unique subscriptions, up 15% year over year. It credits strength in new domain subscriptions for much of this growth. The number does not include domain subscriptions that were part of the Google acquisition, although Google refers many new customers to Squarespace through the acquisition agreement.

After a consistent drop in new domain registrations post-Google acquisition, the company seems to have turned the tide in January.

Squarespace increased its full-year guidance and now expects revenue of $1.193 billion to $1.208 billion, which would represent 18% to 19% growth. It previously guided to $1.170 billion to $1.190 billion.

Shares are up about 2% in trading today as of 11:45 am EDT.

Source from Domain Name Wire

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