Wix.com Ltd (NASDAQ:WIX) reported its fiscal second-quarter 2024 results. Revenue grew 12% year over year to $435.7 million, beating the analyst consensus estimate of $433.8 million. Adjusted EPS of $1.67 beat the analyst consensus estimate of $1.35.

Partners revenue in the quarter was $148.4 million, up 29% Y/Y.

Segments: Creative Subscription revenue increased 9% Y/Y to $312.1 million. The Creative Subscriptions bookings climbed 12% Y/Y to $329.0 million. Creative Subscriptions ARR was $1.28 billion, up 10% Y/Y.

Business Solutions' revenue rose 20% year over year to $123.6 million, and bookings jumped 24% year over year to $129.4 million.

The adjusted gross margin remained firm at 68%. Wix.com generated $120.0 million in operating cash flow and held $788.4 million in cash and cash equivalents as of June-end.

Avishai Abrahami, Wix Co-founder and CEO: "We made incredible strides towards our key growth pillars and drove significant bookings growth acceleration this quarter.  First, Wix Studio continued to outperform expectations, as Studio subscription purchases accelerated, retention remained strong and the number of Studio accounts purchasing multiple subscriptions ramped. We also continued to execute against our AI strategy with the release of 17 AI business assistants so far this year."

Outlook: Wix.com expects fiscal 2024 revenue of $1.747 billion—$1.761 billion (prior $1.738 billion—$1.761 billion) vs. the consensus of $1.75 billion. Wix.com projects 2024 bookings of  $1.802 billion—$1.822 billion (prior $1.796 billion—$1.826 billion).

The company expects to generate free cash flow, excluding headquarters costs, of $460 million–$470 million (prior $445 million–$455 million).

Wix.com expects third-quarter revenue of $440 million–$445 million versus consensus $443.12 million.

Price Action: WIX shares are up 4.74% at $164.50 premarket at the last check on Wednesday.

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This article Wix's Q2 Earnings: Revenue And Profit Beat, Strong Performance in Partner And Subscription Segments originally appeared on Benzinga.com

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