Business
Wix Reports Second Quarter 2023 Results
Outperformance continued in the second quarter with total revenue of $390.0 million exceeding expectations, up 13% y/y as Creative Subscriptions and Business
About this update from Wix.com Ltd.
[{"type":"text","content":"Outperformance continued in the second quarter with total revenue of $390.0 million exceeding expectations, up 13% y/y as Creative Subscriptions and Business Solutions revenue growth accelerated for third consecutive quarterGrowing number of Partners1 building on Wix and higher usage of Wix for projects with improved monetization driving growth acceleration of Partners revenue to $115.2 million, up 36% y/yBenefits from operational efficiencies completed over the past year across the organization drove continued profitability improvements, resulting in higher than expected FCF2 margin of 13% and leading to expected acceleration of FCF margin in 2H23Total non-GAAP gross profit up 23% y/y leading to non-GAAP gross margin of 68% and non-GAAP Creative Subscriptions gross margin of 83%, both well ahead of expectationsFirst quarter of positive GAAP operating income in our history totaling $13.0 million, or 3% of revenue and new high-water mark for non-GAAP operating incomeLaunched Wix Studio, a revolutionary all-in-one new platform with deep design control, advanced capabilities, workflow management tools and AI products designed specifically for professionals to create, manage and grow more efficiently than ever beforeExpansion of AI and genAI-driven product suite with the introduction of AI Site Generator, AI Assistant for Business, and moreNEW YORK, Aug. 3, 2023 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported financial results for the second quarter of 2023. In addition, the Company provided its outlook for the third quarter and increased outlook for full year 2023. Please visit the Wix Investor Relations website at https://investors.wix.com/ to view the Q2'23 Shareholder Update and other materials.\n\n \n \n \n \n \n \n\n \n\"It has been an incredible past six months at Wix on many fronts as we generated accelerating profitable growth through execution excellence and focused operational discipline. As a result, Q2 again performed above expectations and exceeded our revenue growth and FCF margin guides. In addition to this outperformance, we also made remarkable strides in our product evolution with the introduction of our new cornerstone Partner product, Wix Studio,\" said Avishai Abrahami, Wix Co-founder and CEO. \"Wix Studio revolutionizes the way professionals build and manage projects at scale by combining AI-powered ...