Squarespace reports Q3 earnings with slower growth
Unique Subscriptions up 4% year over year.
Website, scheduling and online marketing company Squarespace (NYSE: SQSP) reported third quarter earnings this morning.
The company reported $217.7 million in revenue for the quarter, which represents 8% year-over-year growth. But exchange rates zapped the momentum; revenue grew 13% on a constant currency basis.
Subscription growth declined compared to Q2. It ended the quarter with 4.2 million subscriptions, up just 4% compared to a year ago. (It was up 6% year over year in Q2). This is not surprising; many companies that provide website tools and domains have reported slowing growth as the outsized demand during the pandemic recedes.
Unique subscriptions include traditional website accounts or those with a standalone scheduling subscription, social service, or hospitality account.
Squarespace expects $219 million to $224 million revenue in Q4, which would be 6%-8% growth. The company lowered the high end of its annual revenue guidance by $5 million and now expects $857 million to $862 million for the year.
Shares opened sharply lower but regained some of the losses. They are traded down about 3% as of 12:20 PM EDT.
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