Squarespace has strong quarter, but exchange rates zap annual guidance
Quarterly revenue tops guidance, but annual guidance is reduced in the face of currency headwinds.
Website, scheduling and online marketing company Squarespace (NYSE: SQSP) reported second quarter earnings this morning.
The company reported $212.7 million in revenue for the quarter, which was near the high end of its guidance and represents 9% year-over-year growth. But exchange rates zapped the momentum; revenue grew 12% on a constant currency basis.
The strong dollar has also forced Squarespace to reel in its annual revenue guidance. It lowered its previous revenue guidance range of $867 million to $879 million, to $857 million to $867 million.
Unique subscriptions increased 6% year over year to 4.2 million, and the average revenue per subscription also increased 6% to $204. Unique subscriptions include traditional website accounts or those with a standalone scheduling subscription, social service, or hospitality account.
Shares are down a few percentage points in early trading.
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