Wix.com Ltd WIX reported its fiscal first-quarter 2024 results. Revenue grew 12% Y/Y to $419.8 million, beating the analyst consensus estimate of $417.8 million.
Adjusted EPS of $1.29 beat the analyst consensus estimate of $1.03. The stock gained after the results.
Partners revenue in the first quarter of 2024 was $138.4 million, up 33% y/y.
Segments: Creative Subscription revenue increased 9% Y/Y to $304.3 million. The Creative Subscriptions bookings climbed 7% Y/Y to $334.6 million. Creative Subscriptions ARR was $1.24 billion, up 10% Y/Y.
Business Solutions’ revenue rose 20% Y/Y to $115.5 million, and the bookings jumped 21% Y/Y to $122.6 million.
The adjusted gross margin expanded to 68% from 67% a year ago. Wix.com generated $113.8 million in operating cash flow and held $883.5 million in cash and cash equivalents as of March-end.
Avishai Abrahami, Wix Co-founder and CEO said, “This outperformance was underpinned by robust business fundamentals as well as strong product traction, particularly for our expansive AI product offering and Wix Studio. Notably, we saw extremely strong usage of our AI Website Builder that was launched earlier in the quarter with hundreds of thousands of sites already created using the tool over just a few months. Wix Studio also continues to perform ahead of plan, with over one million Studio accounts created since our August launch.”
Outlook: Wix.com expects fiscal second-quarter revenue of $431 million – $435 million versus the consensus of $435.21 million.
Wix.com expects fiscal 2024 revenue of $1.738 billion – $1.761 billion (prior $1.726 billion-$1.757 billion) vs. the consensus of $1.75 billion. Wix.com projects 2024 bookings of $1.796 billion – $1.826 billion (prior $1.784 billion – $1.813 billion).
The company expects to generate free cash flow, excluding headquarters costs, of $445 million – $455 million (prior $370 million – $400 million.
Price Action: WIX shares are up 9.82% at $149.00 premarket at the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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