Wix.com Reports Impressive First-Quarter 2024 Earnings Results
Monday, 20 May 2024, 21:15
Wix.com Q1 2024 Earnings: Strong Growth and AI Innovation Drive Success
Wix.com (NASDAQ: WIX) reported exceptional growth and milestones in Q1 2024, driven by strong momentum and commitment to profitable growth. Revenue exceeded expectations, reaching $420 million, with free cash flow growing to $111 million. The success was fueled by AI innovation, including the AI Website Builder and AI-powered image enhancement tools, driving better conversions and premium subscriptions. Wix Studio's performance exceeded expectations, indicating market share gains and improving Partner lifetime value.
Key Highlights:
- Revenue surpassed guidance, reaching $420 million
- Free cash flow grew to over $111 million, marking a new high
- AI innovations drove better conversions and premium subscriptions
- Wix Studio performed ahead of plan, contributing to market share gains
- Expectation of significant revenue growth acceleration in 2025
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.