From Nasdaq: 2024-05-20 10:17:00

Wix.com (NASDAQ: WIX) released its Q1 2024 earnings report, exceeding analyst expectations. Total revenue reached $419.8 million, showing a 12% YoY increase. The company’s growth was driven by Creative Subscriptions and Business Solutions revenue, which rose by 9% and 20% YoY, respectively. Bookings also increased by 10% YoY, totaling $457.3 million.

AI products and Wix Studio are driving Wix’s growth. The AI Website Builder simplifies website creation, attracting hundreds of thousands of users. Wix Studio, with over one million accounts, caters to professional users and has high conversion rates. The company’s commitment to AI and Studio reflects positive user engagement and revenue growth.

Wix.com is on track to surpass the “Rule of 40” metric in 2025, indicating strong growth and profitability. The company’s 2024 outlook includes a full-year bookings outlook of $1.796 – $1.826 billion, with a 12-14% YoY growth rate. Wix’s increased FCF margin target of 26% for FY2024 demonstrates its focus on profitability and exceeding expectations.

Wix’s solid Q1 performance, positive outlook, and commitment to growth and profitability make it an attractive investment. The company’s AI products and Wix Studio show promising potential for user acquisition and revenue. Wix’s ability to exceed expectations and tap into various market segments positions it for continued growth and success.



Read more at Nasdaq:: Wix Q1: A Strong Start to 2024 Fueled by AI and Studio Growth