Wix.com (NASDAQ:WIX) saw its shares jump nearly 14% yesterday after reporting better-than-expected third-quarter earnings and raising its full-year guidance. The website-building platform demonstrated solid momentum across its core business segments.
For the quarter, Wix posted adjusted earnings per share of $1.50, exceeding Wall Street analyst expectations of $1.44. Revenue grew 13% year-over-year to $444.7 million, slightly above the $443.97 million consensus estimate. Bookings growth accelerated to 16% year-over-year, reaching $449.8 million, driven by strong adoption of the Studio product, AI-driven innovations, and increased commerce activity.
Momentum from Studio proved significant, with 75% of bookings from new partners originating from Studio accounts, marking an increase from the previous quarter.
Looking ahead, Wix raised its full-year 2024 revenue guidance to a range of $1.757 billion to $1.764 billion, up from the previous forecast of $1.747 billion to $1.761 billion. The company also projected exiting the year with up to 18% year-over-year bookings growth at the high end of its outlook.