Business
Wix Reports First Quarter 2023 Results
Strong profitable start to the year with total revenue of $374.1 million in the first quarter exceeding expectations, up 10% y/y, marked by acceleration in
About this update from Wix.com Ltd.
[{"type":"text","content":"Strong profitable start to the year with total revenue of $374.1 million in the first quarter exceeding expectations, up 10% y/y, marked by acceleration in Creative Subscriptions revenue growth, up 9% y/y and continued strong growth in Business Solutions revenue, up 11% y/yIntensified focus on driving efficiencies and discipline across operating cost structure resulted in stronger than expected FCF1 generation and FCF margin of 12%Non-GAAP gross margin increased to 67% with non-GAAP Creative Subscriptions gross margin of 80% – both targets we had anticipated achieving later in the yearHighest quarterly non-GAAP operating income in Wix history, driven by 24% y/y decrease in non-GAAP operating expensesOur accelerated profitability reassures our confidence in achieving \"Rule of 40\" in 2025, with expectations of significant cash flow margin expansionPower of the Wix brand delivering higher y/y new cohort bookings while investing ~47% less in acquisition marketing in Q1'23AI technologies driving future growth opportunities with an exciting pipeline ahead, following many years of leading AI innovationNEW YORK, May 17, 2023 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported financial results for the first quarter 2023. In addition, the Company provided outlook for the second quarter and updated outlook for the full year 2023. Please visit the Wix Investor Relations website at https://investors.wix.com/ to view the Q1'23 Shareholder Update and other materials.\n\n \n \n \n \n \n \n\n \n\"Wix was founded over 15 years ago to bring simplicity to people who wanted to use the internet and were held back by complex software and technology,\" said Avishai Abrahami, Wix Co-founder and CEO. \"Over the past decade, complexity has increased with more and more layers of software and business functionalities, and we have continued to provide our users with cutting edge technologies that simplified these challenges while dramatically growing our addressable market.\"\nAbrahami continued, \"With today's emerging generative AI technologies, we have a tremendous opportunity to reduce even more friction, further increasing the value of our platform and the size of our market. 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 o...