Business
Wix Reports Outstanding Second Quarter 2020 Results
- Momentum across the platform led to a record breaking quarter -- Added over 9.3 million registered users in Q2, an increase of 64% y/y -- Revenue of $236.1
About this update from Wix.com Ltd.
[{"type":"text","content":"- Momentum across the platform led to a record breaking quarter\n -- Added over 9.3 million registered users in Q2, an increase of 64% y/y\n -- Revenue of $236.1 million, up 27% y/y; 28% y/y on a y/y constant currency basis\n -- Collections of $265.9 million, up 33% y/y; 35% y/y on a y/y constant currency basis\n -- Creative Subscriptions ARR increased 22% y/y to $790.9 million as of Q2\n -- Net subscriptions additions of 346,000 in Q2, bringing total premium subscriptions to over 5 million; total net additions in 1H 2020 nearly as much as all of 2019\n - July 2020 results show strong growth continuing in Q3\n - Responding swiftly to opportunity with increasing marketing investment as the need for online creation and commerce rapidly grows\n -- Investing capital into growth demonstrated by future collections of the Q2 user cohort over the next 8 years expected to be approximately 90% higher than the prior year's cohort\n - Continued execution with significant product launches: expanded eCommerce capabilities and Editor X public release delivered on time to further help users create and grow online\n - Initiating Q3 outlook for revenue and collections, reflecting sustained momentum -- expecting revenue growth of 26-27% y/y and collections growth of 31-34% y/y in Q3\n\n\nNEW YORK, Aug. 6, 2020 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported strong financial results for the second quarter ended June 30, 2020, exceeding the high end of its guidance ranges for both revenue and collections. In addition, the Company provided its initial outlook for the third quarter of 2020.\n\n \n \n \n \n \n \n\n \n\"The trends that began in late March continued throughout the second quarter, driving record-setting results,\" said Avishai Abrahami, Co-founder and CEO of Wix. \"The need for business owners to move online quickly, communicate with customers, and deliver goods and services has never been more imminent, and the Wix platform continues to provide millions of users with the ability to thrive during these unprecedented times. Our focus remains on the success of our users, and we continue to deliver innovative products and technology, marked this quarter by the public launch of Editor X and our expanded eCommerce offering.\"\nNir Zohar, President and COO of Wix added, \"Throughout the second quarter, we continued to experience posit...