Wix reports better than expected third-quarter financials
Collections and revenue growth exceeded Wix’s expectations during Q3
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
Wixhas managed to report better than expected financial results for the third quarter due to an increase in both collections and revenue growth.
The company behind the popularwebsite builderbrought in $321m in revenue (up 26% year-over-year) as well as $373m in collections (up 33 percent year-over-year) during the third quarter that ended on September 30.
Co-founder and CEO of Wix, Avishai Abrahami provided further insight in apress releaseon how the company was able to outperform its expectations despite a great deal of uncertainty, saying:
“Our business outperformed our expectations this quarter as we saw improvements in the business environment. Our users are still navigating a great deal of uncertainty, but we believe the impacts have lessened. Despite this volatility, we delivered outstanding results. We continue to layer on new monetization opportunities, and I have never been more excited about what we have coming down the pipeline.”
B2B partnerships
President and COO of Wix, Nir Zohar also pointed out that Wix recorded collections from several of its new B2B partnerships with the most notable being its alliance withVistaprintannounced back in August.
According to Zohar, companies such as Vistaprint are increasingly approaching Wix because they know that its brand and technology platform can bring massive value to their users. The company believes that these types of B2B partnerships will deliver sustainable growth for years to come due to the “ongoing financial benefits of renewals, additional new subscriptions above and beyond the agreement, and new business solutions such asAscendor Wix Payments”.
As a result of its strong third-quarter financial results, Wix is increasing is revenue and collections guidance for the 2021 fiscal year. The company will also increase its investment inmarketingduring the fourth quarter due to the business improvements it has experienced.
Are you a pro? Subscribe to our newsletter
Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed!
We’ve also featured thebest web hosting,best website builderandbest small business website builder
After working with the TechRadar Pro team for the last several years, Anthony is now the security and networking editor at Tom’s Guide where he covers everything from data breaches and ransomware gangs to the best way to cover your whole home or business with Wi-Fi. When not writing, you can find him tinkering with PCs and game consoles, managing cables and upgrading his smart home.
iStorage Group acquires Kanguru Solutions as it looks to expand security offering
Phishing attacks surge in 2024 as cybercriminals adopt AI tools and multi-channel tactics
Smeg Combi Steam Oven review: a multi-functional countertop oven that looks stunning and cooks well
