Squarespace surges on strong revenue forecast, higher subscriptions

Squarespace

07/03/2023 13:02

** Shares of website building services provider Squarespace
Inc  SQSP.N  rise 15.2% to $27.7 before the bell
    ** Co's annual revenue outlook of $955-$970 mln was above
analysts' estimates of $949.4 mln, according to Refinitiv data
    ** SQSP ended Q4 with 4.2 mln unique subscriptions, a 3%
rise from a year earlier
    ** Quarterly revenue rose 10% to $228.8 mln and was slightly
ahead of expectations 
    ** But net loss widened to $234.0 mln from $16.3 mln due to
a $225.2 mln charge the company booked over market declines
after its buyout of restaurant reservation software maker Tock 
    ** Stock has gained 8.4% this year, as of last close
    ** Of the 16 brokerages covering SQSP, 11 rate it "hold" and
5 "buy" or "strong buy," with target price of $24.4

 (Reporting by Ananta Agarwal)