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.