Wix Reports Q1 2024 Results stock up 9% in Premarket Trading

Wix.com (WIX) reported a 9% increase in Q1 2024 results, with a record increase to the FCF outlook driven by Q1 outperformance and expected 2H bookings acceleration. The company now anticipates a 26% FCF margin in FY2024, one year ahead of plan and within clear sight of hitting the Rule of 40 milestone. Total bookings of $457.3 million increased by 10% YoY, driven by reacceleration of Creative Subscriptions growth. Total revenue of $419.8 million exceeded expectations, up 12% YoY, driven by continued momentum in the Partners business.

Robust top-line growth coupled with a stable optimized cost structure drove a record FCF1 margin of 26% in the most recent quarter. GAAP operating income of $9.7 million marks the second consecutive quarter of GAAP operating profit, and positive full year 2024 GAAP operating income is expected.

Wix.com (WIX) expects acceleration of both Self Creators and Partners bookings growth in the second half of 2024, driven by strong traction of expanding AI product suite and Studio. Analysts expect Wix (WIX) to earn $1.05 per share excluding one-time items on revenue of $418 million. Wix (WIX) raised its full year revenue outlook to $1.738-$1.761 billion, for annual growth of up to 13%.

Technical Outlook
Wix.com (WIX) stock is up by 9% on Monday's Premarket Trading with the close of Friday's Relative Strength Index (RSI) at 66.92 which is poised for further growth. Also, the Moving Average Convergence Divergence (MACD) depicts a bullish surge.