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Squarespace stock gains after company beats on revenue, raises forecast

Shares of Squarespace Inc. were up more than 19% in morning trading Thursday after the company, which enables people to build websites and transact online, topped expectations with its latest quarterly revenue and upped its outlook for the full year. The company posted a first-quarter net loss of $92.9 million, or 67 cents a share, compared with a loss of $2.1 million, or 11 cents a share, in the year-earlier quarter. Squarespace’s revenue climbed to $207.8 million from $179.6 million, while analysts tracked by FactSet had been expecting $204.7 million. Unique subscriptions rose 10% to 4.2 million. For the second quarter, Squarespace models $208 million to $213 million in revenue, whereas analysts had been modeling $211.7 million. For the full year it expects $867 million to $879 million in revenue. The FactSet consensus was for $870.7 million, and Squarespace’s prior full-year forecast had called for $862 million to $878 million. Shares of the company have declined 44% over the past three months as the S&P 500 has slipped 12%.

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