NEW YORK - Wix.com Ltd. (NASDAQ:WIX) shares soared nearly 12% after the website building platform provider reported better-than-expected third quarter results and raised its full-year outlook.
The company posted adjusted earnings per share of $1.50, beating analyst estimates of $1.44. Revenue grew 13% year-over-year to $444.7 million, slightly ahead of the $443.97 million consensus.
Wix's strong performance was driven by accelerating bookings growth, which rose 16% YoY to $449.8 million. The company cited momentum in its Studio product, benefits from AI innovations, and robust commerce activity as key factors.
"Our key growth initiatives are firing on all cylinders and increasingly contributing to growth," said Avishai Abrahami, Wix Co-founder and CEO. He highlighted that 75% of bookings from new partners came from Studio accounts, up from the previous quarter.
Looking ahead, Wix raised its full-year 2024 revenue guidance to $1.757-$1.764 billion, above the prior $1.747-$1.761 billion range. The company now expects to exit 2024 with 18% YoY bookings growth at the high end of its outlook.
CFO Lior Shemesh noted, "Even as we are well-positioned to achieve and surpass the Rule of 40 this year, we are not slowing down. We remain committed to making continued progress as I am confident there is still much opportunity for further growth acceleration and ample margin expansion in 2025 and beyond."
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