Wix Posts Q1 Results

Wix.com has recently reported  its first quarter results for 2018. The company recorded EPS of $0.05 during the period which surpassed the the analyst estimate of $0.10. The revenue of Wix for the quarter also recorded $137.8 million during the period.  The data exceeded the market estimates of of $135.73 million respectively.

To explain further, the revenues recorded $137.8 million during the quarter which is 49% increase year over year. The company also indicated a $21.4 million in free cash flow for the first quarter of 2018.

“Our continued focus on product development and efficient marketing investment once again drove strong financial results.” CEO and Co-Founder Avishai Abrahami, told reports. “We are encouraged by the continued adoption of Wix Code, which allows our experts and professional users to build sophisticated web applications quickly and easily. Every day we see the potential of this product demonstrated with impressive results. This is a strong start to the year. We are building momentum to propel continued growth through the remainder of 2018.”

Wix Paid Subscribers

 

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Wix.com is a cloud-based web development platform that was first developed and popularized by the Israeli company also called Wix. It allows users to create HTML5 web sites and mobile sites through the use of online drag and drop tools.

Furthermore, Wix has recently reported a 231K paid subscribers record during the quarter. It has also registered  5.9M users in the said period.

In a much specific explanation, the company noted 5.9 million data for its registered users during the quarter. The company also added 231,000 net premium subscribers which recorded a total premium base of 3.4 million.

“The first quarter results exceeded our expectations as conversion and retention outperformed expectations, contributing to the creation of our largest user cohort ever. Equally impressive, we generated over $21 million in free cash flow, a record for a single quarter, demonstrating positive returns from our investment in marketing and R&D. We are increasing our outlook for 2018 to reflect this momentum. Our continued confidence in the growth of the business.” CFO of Wix Lior Shemesh, told reports.

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