Squarespace Inc said it is on track to top $1 billion of sales in 2023 after a strong third quarter.
"We are on track to exceed $1 billion in total revenue by the end of 2023, a significant milestone for Squarespace as we continue to expand our offerings and footprint globally," said Anthony Casalena, founder and chief executive.
"During the third quarter, we continued to introduce powerful new products and features, further deepening our platform's value proposition and creating new entry points to serve our diverse customer base and use cases,” he said.
Total revenue in the three months ended September 30 grew 18% year over year to $257.1 million, compared with $217.7 million in the third quarter of 2022, and 16% in constant currency.
Presence revenue grew 20% year over year to $179.5 million and Commerce revenue grew 15% year over year to $77.6 million.
"We delivered another record quarter with 18% topline growth, exceeding our revenue and unlevered free cash flow expectations, achievements fueled by strong customer demand and retention," said Nathan Gooden, CFO.
"Strong growth and solid execution across Squarespace propelled our financial performance forward in Q3,” he added.
Despite the revenue jump, the company posted a net loss of $16.5 million, compared with net income of $10.1 million in the third quarter 2022, due to a larger income tax provision.
Total bookings grew 18% year over year to $267.0 million in the third quarter, compared to $225.5 million in same period last year.
For the fourth quarter, the firm forecast revenue of $261 million to $264 million, or year-over-year growth of 14% to 16%.
Shares traded around 3.1% higher in pre-market trading.