Why Wix.com (WIX) Shares Are Surging Today - Wix.com (NASDAQ:WIX)

Wix.com Ltd WIX reported first-quarter FY23 revenue growth of 10% year-on-year to $374.1 million, beating the consensus of $369.4 million.
Segments: Creative Subscription revenue increased 9% Y/Y to $278.1 million. The Creative Subscriptions bookings climbed 5% Y/Y to $313.4 million.
Creative Subscriptions ARR was $1.13 billion, up 9% Y/Y.
Business Solutions' revenue rose 11% to $95.9 million, and the bookings jumped 9% Y/Y to $101.5 million.
The non-GAAP gross margin expanded by 500 bps to 67%.
Non-GAAP EPS of $0.91 beat the consensus of $0.14.
Wix.com generated $46 million in operating cash flow and held $1.17 billion in cash and equivalents.
Avishai Abrahami, Wix Co-founder and CEO, said, "Our first version of AI website creation, Wix ADI, was launched seven years ago, and we have since been trailblazing with new AI technologies that have greatly benefited our users' experience. I personally manage our world-class AI group, and for years we have been collaborating with teams across the globe, including OpenAI, Google X, and IBM."
"Furthermore, we have integrated AI into our internal workflows, significantly improving our development efficiency, delivery of services, and creative processes."
Outlook: Wix.com sees Q2 revenue to grow 10%-12% Y/Y to $380 million - $385 million (consensus $377.46 million).
The company raised its FY23 revenue outlook to $1.522 billion - $1.543 billion or 10%-11% Y/Y growth (up from its previous view of $1.510 billion - $1.535 billion or 9%- 11% Y/Y growth) vs. consensus of $1.52 billion.
Price Action: WIX shares traded higher by 6.54% at $86.78 premarket Wednesday.

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