Sam Boughedda

Investing.com — Squarespace Inc (NYSE:) announced its first-quarter financial results on Thursday, sending its share price 42.17% higher.

The total grew by 16% to record $207.76 Million, beating analysts’ expectations of $204.71 millions. Squarespace announced record revenue because of its growing global client base and the development of new applications.

Additionally, $0.67 per share was reported by the company, which is below expectations. The company’s loss was primarily due to marketing expenses, headcount in research & product development, and investments in Tock. Unique subscriptions increased 10% to 4.2 Million year-over-year.

“Our Q1 results mark another strong quarter of growth,” said Anthony Casalena, Founder & CEO of Squarespace. Squarespace will be continuing to grow and profitability in 2022, so we are committed to maintaining this unique blend of growth and profitability.

Website hosting company also allowed a share-repurchase program that could reach $200 million. 

However, shares rose due to the increase in guidance. Squarespace expects to generate revenue of $867 million-$879 million in 2022, an increase from the $862 million to 878 million forecast. SEcond-quarter revenues are expected to range from $208 million up to $213 millions.

Marcela Martin (CFO at Squarespace), stated that revenue and unlevered cash flow exceeded our expectations in the quarter. This was because we attracted new subscribers and provided additional capabilities to customers. “We are delighted to raise our full-year revenue guidance and unlevered net cash flow.