Wix had a strong third quarter in 2024 with total bookings and revenue growth

From GlobeNewswire: 2024-11-20 01:00:00

Wix.com Ltd. reported a strong performance in the third quarter of 2024 with total bookings of $449.8 million, up 16% year-over-year (y/y). Total revenue grew to $444.7 million, up 13% y/y, driven by Studio momentum and AI benefits. The company also raised full year bookings, revenue, and free cash flow guidance.

The company’s key growth initiatives, including Studio and AI innovations, contributed to accelerating growth. Studio subscriptions saw meaningful growth with a 13% conversion uplift in recent Self Creator cohorts. Total revenue for the quarter was $444.7 million, up 13% y/y, with a free cash flow margin of 29%.

Wix expects to achieve 2H bookings growth of 17% y/y and exit 2024 with 18% y/y bookings growth. The company’s total revenue for the full year is expected to be $1,757 – $1,764 million, representing a 13% y/y growth. Non-GAAP total gross margin is projected to be around 69%.

The company’s financial outlook remains strong, with an increased full year bookings outlook of $1,822 – $1,832 million, or 14-15% y/y growth. The high end of the updated outlook reflects a 2H bookings growth of 17% y/y and an exit at 18% y/y bookings growth. Free cash flow is expected to be $483 – $488 million, or 27-28% of revenue in 2024.



Read more at GlobeNewswire:: Wix Reports Third Quarter 2024 Results