Squarespace reported an impressive 18% increase in revenue for the fourth quarter, with bookings, presence revenue, and commerce revenue all experiencing double-digit growth.
Financial Highlights
The New York-based digital publishing and media software company posted a net income of $5.3 million, or 4 cents a share, compared to a loss of $234 million, or $1.72 a share, in the previous year. Analysts had expected earnings of 11 cents a share, demonstrating Squarespace's outperformance.
Sales soared to $270.7 million for the period ending Dec. 31, up from $228.8 million in the year-ago quarter. This exceeded analyst expectations of $263 million.
Future Projections
Looking ahead, Squarespace projects revenue between $274 million and $277 million for the first quarter. Analysts are anticipating $263 million.
For fiscal 2024, the company anticipates revenue between $1.17 billion and $1.19 billion, surpassing analyst expectations of $1.16 billion.
CEO's Perspective
Chief Executive Anthony Casalena expressed pride in Squarespace's achievement of surpassing $1 billion in revenue in 2023, marking a significant milestone in the company's 20-year history. Casalena attributed this success to new customer growth across markets and strong retention, highlighting the company's compelling product offerings.
Share Repurchase Program
In a strategic move, Squarespace announced a $500 million share repurchase program for its Class A common stock, with no fixed expiration date.
For more information, visit Squarespace.
Hong Kong 2024-2025 Budget
Novavax Stock Decline
Related Articles
PepsiCo: Weathering the Storm and Looking to the Future
PepsiCo has faced challenges but remains confident in its outlook, with a competitive yield and consistent dividend growth. Weight-loss drugs are unlikely to si...
Edelman Financial Engines Acquires New England Pension Plan Systems
Edelman Financial Engines acquires NEPPS, strengthening its presence in the retirement plan consulting space and meeting the needs of small business owners.
MBIA Declares Special Dividend
MBIA announces a special dividend of $8 per share, leading to a cash payment of $409 million. Shares surge by 56% after-hours.