Squarespace tops guidance in Q4, expects 10%+ revenue growth this year

Shares rise on earnings report and guidance.

Website, scheduling and online marketing company Squarespace (NYSE: SQSP) reported fourth quarter and full year 2022 earnings this morning.

The company reported $228.8 million in revenue for the quarter, which represents 10% year-over-year growth. Exchange rates zapped the momentum; revenue grew 14% on a constant currency basis. The results topped guidance of $219 million to $224 million revenue in Q4.

Revenue for the full year was $867 million, up 11%, or 14% in constant currency. That was $5 million above the high end for guidance, although the company reduced its high end by $5 million when it revealed Q3 earnings.

Bookings (sales) were up 11% in 2022. The growth rate ticked up to 15% in Q4 compared to the same quarter a year ago.

Subscription growth eked up just 3% for the year.

Price increases are bolstering the company’s numbers. It says retention in the face of these increases has been better than expected.

Looking ahead, the company is expecting $232 to $234 million revenue in Q1 and full year 2023 revenue of $955 million to $970 million. That would represent 10%-12% growth for the year.

Shares are up nearly 10% as of 10:45 am EST.

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