NEW YORK – Squarespace, Inc. (NYSE: SQSP), a leading online platform for building and branding businesses, reported a 19% increase in revenue for the first quarter of 2024, amounting to $281.15 million, surpassing the analyst consensus estimate of $276.34 million. The company’s earnings per share (EPS) were at a break-even point of $0.00, falling short of the expected $0.03.
The company’s robust revenue growth is attributed to a 19% year-over-year (YoY) increase, with total revenue growing from $237.0 million in the first quarter of 2023. Squarespace’s CEO, Anthony Casalena, credited the strong performance to organic business growth and the successful integration of new Google (NASDAQ:) Domains customers. CFO Nathan Gooden highlighted the company’s delivery of revenue and unlevered free cash flow at the high end or above guidance, resulting in strong operating leverage.
Squarespace has raised its full-year 2024 (FY24) revenue guidance to a range of $1.19-1.21 billion, reflecting an 18-19% growth, which is above the analyst consensus of $1.18 billion. For the second quarter of 2024, the company forecasts revenue between $291 million and $294 million, also topping the consensus estimate of $289.5 million.
The company’s first-quarter results showed a net income of $0.1 million, a slight decrease from $0.5 million in the same period last year. Cash flow from operating activities saw a significant 33% increase to $85.2 million, and total bookings grew by 23% to $325.9 million. Squarespace also reported an increase in total unique subscriptions by 15% to over 4.9 million, with average revenue per unique subscription (ARPUS) rising 7% to $226.63.
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Squarespace’s optimistic outlook is based on the strength observed in the business and the potential for long-term growth and profitability. “We are seeing profitable growth at scale with our growing customer base of millions and strong demand for our ecosystem globally,” Gooden stated.
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