Why Squarespace (SQSP) Shares Are Sliding Today

Squarespace, Inc SQSP reported second-quarter FY22 revenue growth of 9% year-on-year to $212.7 million, beating the consensus of $212 million.
The commerce revenue rose 13% Y/Y to $66.2 million.
Annual run rate revenue rose 8% Y/Y to $837.8 million.
Unique subscriptions increased 6% Y/Y to 4.2 million.
The average revenue per unique subscription rose 6% Y/Y to $204.
EPS of $0.45 beat the consensus of $0.15.
Squarespace generated $36.4 million in operating cash flow and held $215.1 million in cash and equivalents.
"Our revenue and unlevered free cash flow results delivered against our plans; without the impact of FX headwinds, we would have exceeded our revenue guidance," CFO Marcela Martin said.
Outlook: Squarespace sees Q3 revenue of $213 million - $218 million, below the consensus of $221.9 million.
Squarespace cut the FY22 revenue guidance from $867 million - $879 million to $857 million - $867 million, below the consensus of $874.2 million.
Price Action: SQSP shares traded lower by 13.24% at $17.30 in the premarket on the last check Monday.

Squarespace Shares Slide On Dismal Guidance For Q3, FY22