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Squarespace raises guidance following Q1 results

Squarespace raises guidance following Q1 results

Firm increases revenue and unlevered free cash flow guidance.

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Website platform Squarespace (NYSE: SQSP) has raised its full-year revenue guidance following announcing Q1 results.

The firm generated $207.8 million in revenue last quarter, up 16% year over year. That topped the firm’s guidance of $203 million to $205 million.

It ended the quarter with 4.2 million subscriptions, up 10% compared to the same time last year. Unique subscriptions include a website package or standalone scheduling or social package. Average revenue per subscription also ticked up by 7% to $204 per year.

Squarespace nudged up its full-year revenue expectations. It had previously forecasted revenue of $862 million to $878 million; now, it expects $867 million to $879 million. It also upped its expectations for unlevered free cash flow.

The growth rate is below what the firm experienced during the move-to-web boom during much of the pandemic.

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