Wix Reports Third Quarter 2020 Results

About this update from Wix.com Ltd.

[{"type":"text","content":"- Outperformance continues in Q3 with strong revenue and collections growth, well ahead of expectations\n -- Revenue of $254.2 million, up 29% y/y\n -- Collections of $280.9 million, up 36% y/y, an acceleration from Q2 y/y growth\n -- Creative Subscriptions ARR increased 24% y/y to $840.5 million\n - Rising value of user cohorts driven by large Q3 cohort of 7.8 million new users and continued momentum from Q1 and Q2 2020 user cohorts\n -- Q3 user cohort generated highest conversion of registered users to premium subscriptions in over two years as well as higher collections per subscription\n -- Future collections expected from existing cohorts increased 43% versus a year ago to over $9.2 billion over the next 8 years\n - Businesses continue to turn to Wix to build and manage their online presence\n -- Growing adoption of Business package subscriptions, business applications and Wix Payments throughout Q3\n -- Strong growth in Wix Stores subscriptions in Q3, increasing over 2x overall subscriptions\n - Record levels of demand and strong execution in 2020 paves the way for multiple growth drivers in 2021 and beyond\n\n\nNEW YORK, Nov. 12, 2020 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported strong financial results for the third quarter ended September 30, 2020, exceeding the high end of its guidance ranges for revenue, collections and free cash flow. In addition, the Company provided its outlook for the fourth quarter of 2020.\n\n \n \n \n \n \n \n\n \n\"Demand for an online presence continues to remain at high levels,\" said Avishai Abrahami, Co-founder and CEO of Wix. \"Businesses are using Wix more than ever before, and we are seeing them utilize our platform to not only help them create a website, but also to support them as they manage their business and grow their brands. Our web creation products and business solutions have enabled millions of our users to achieve success despite the ongoing difficulties that they are facing.\"\nLior Shemesh, CFO of Wix, added, \"Our strong results in Q3 were driven by continued high levels of demand from new users for our website creation products and business solutions as well as the ongoing monetization of users who joined Wix over the most recent quarters. Users that joined Wix during Q3 purchased subscriptions at higher rates that we have seen in several years and at higher ...

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