Squarespace Reports Higher Sales in Q3

Squarespace, a leading provider of website-building and online-commerce tools, has announced its financial results for the third quarter. Despite a loss of $16.5 million, or 12 cents per share, compared to a profit of $10.1 million, or 7 cents per share, in the same period last year, the company's revenue saw a significant increase of 18% to $257.1 million. This surpassed analysts' expectations of $251.9 million. Additionally, bookings rose to $267.0 million, marking an 18% increase.

Squarespace's quarterly loss was primarily due to a provision for income taxes amounting to $41.2 million. However, Chief Executive Anthony Casalena is confident that the company is on track to achieve over $1 billion in annual revenue this year. Chief Financial Officer Nathan Gooden attributes this expected growth to high demand and strong customer retention.

In terms of business segments, Squarespace's commerce business reported a revenue of $77.6 million, reflecting a 15% increase from the previous year. The digital-presence business also performed well, posting a revenue of $179.5 million, representing a growth of 20%.

Squarespace's success in the third quarter demonstrates its continued popularity and ability to meet the needs of its customers. As the company moves forward, it aims to further strengthen its position in the online-creator tools market.