Business
Wix Reports Second Quarter 2024 Results
Accelerated bookings growth, driven by key product initiatives, and FCF margin expansion in Q2 builds momentum for 2H Meaningful bookings growth acceleration
About this update from Wix.com Ltd.
[{"type":"text","content":"Accelerated bookings growth, driven by key product initiatives, and FCF margin expansion in Q2 builds momentum for 2H\nMeaningful bookings growth acceleration with total bookings of $458.4 million, up 15% y/y, as a result of strong Wix Studio uptake, benefits from growing AI capabilities and commerce platform expansion as well as positive response to the price increase implemented earlier this yearBookings growth accelerated across both Self Creators and PartnersContinue to expect bookings growth acceleration to 16% y/y in 2H at the high end of full year guidance rangeTotal revenue of $435.7 million exceeded expectations, up 12% y/y, driven by strong Partners growth of 29% y/yRecord take rate of 1.68%, driven by transaction revenue growth of 21% y/y as we added a new payment partner to Wix PaymentsContinued margin expansion with Q2 FCF1 margin of 27%, driven by additional operating leverageHigh end of increased full year FCF1 outlook positions us to achieve the Rule of 40 milestone this year, one full year ahead of planNEW YORK, Aug. 7, 2024 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform globally,2 today reported financial results for the second quarter of 2024. In addition, the Company provided its outlook for the third quarter and an updated outlook for full year 2024. Please visit the Wix Investor Relations website at https://investors.wix.com/ to view the Q2'24 Shareholder Update and other materials.\n\n \n \n \n \n \n \n\n \n\"Excellent Q2 results capped off a strong first half of 2024, fueled by successful execution of our strategic initiatives, solid business fundamentals and continued product innovation,\" said Avishai Abrahami, Wix Co-founder and CEO. \"We made incredible strides towards our key growth pillars and drove significant bookings growth acceleration this quarter. First, Wix Studio continued to outperform expectations, as Studio subscription purchases accelerated, retention remained strong and the number of Studio accounts purchasing multiple subscriptions ramped. We also continued to execute against our AI strategy with the release of 17 AI business assistants so far this year. These assistants are improving the user creation experience while minimizing the amount of support resources required from us. With dozens more still slated to launch this year, AI assistants will...