Tuesday , June 6 2023

Wix’s business rebounds in Q3

What slowdown?

A picture of a stock chart with red and green blocks and the words "earnings report", with the Wix.com logo

Website platform Wix (NASDAQ: WIX) reported earnings today.

Collections (cash sales) rebounded in Q3 after sputtering in Q2. Collections in the third quarter of 2021 were $373.3 million, up 33% year over year. Collections were up 29% year over year in the second quarter but down sequentially from Q1.

Q3 revenue came in at $320.8 million, up 26% year over year.

The company breaks its revenue into two categories: Creative Subscriptions, which is basically its website builder product, and Business Solutions, which include add-ons such as communications tools, payment services, and marketing products.

Creative Subscriptions revenue in the third quarter of 2021 was $241.3 million, up 19% year over year. Business Solutions revenue in the third quarter of 2021 was $79.5 million, up 55% year over year.

The rebound is similar to GoDaddy’s experience. GoDaddy saw negative signals and results toward the end of Q2 and lowered expectations, only to report an improving picture with Q3 results.

Similarly, after Q2 Wix lowered its full-year guidance for revenue to $1.255-1.270 billion, down from $1.280-1.290 billion. Now it is raising guidance to $1.265-1.274 billion.

After Q@, the company also lowered its collections guidance to $1.40-1.435 billion, down from $1.44-1.46 billion. Now it is raising collections guidance to $1.415-1.439 billion.

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