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- Wix.com Ltd (NASDAQ:WIX) reported first-quarter FY22 revenue growth of 14% year-on-year to $341.6 million, beating the consensus of $340.6 million.
- Segments: Creative Subscription revenue increased 13% Y/Y to $255 million. The Creative Subscriptions bookings climbed 12% Y/Y to $299.8 million.
- Creative Subscriptions ARR was $1.04 billion, up 12% Y/Y.
- Business Solutions' revenue rose 17% to $86.6 million, and the bookings jumped 13% Y/Y to $93.5 million.
- The non-GAAP gross margin contracted 100 bps to 62% as costs surged 18.4% Y/Y.
- Non-GAAP EPS loss of $(0.72) missed the consensus loss of $(0.64).
- Wix.com used $13.7 million in operating cash flow and held $1.3 billion in cash and equivalents.
- Outlook: Wix.com sees Q2 revenue to grow 8% - 10% Y/Y to $342 million - $346 million (consensus $356.19 million). Excluding the Russia -Ukraine crisis, Wix.com expected Q2 revenue to grow 10% - 11% Y/Y.
- The company sees FY22 revenue to grow 10% - 13% Y/Y. Excluding the crisis, WIX's revenue growth would be 12 - 15% Y/Y.
- Price Action: WIX shares traded lower by 10.7% at $63.60 in premarket on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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