Q: What is Wix.com (WIX) Q3 2023 Earnings Call Transcript Summary?
In the recent Wix.com (WIX) Q3 2023 earnings call, the company presented both bullish and bearish points that could impact its future stock price.
Bullish Points:
1. Revenue in Q3 grew to $394 million, which is $3 million above the high end of our guidance.
2. Generated more than $62 million of free cash flow, or 16% of revenues, ahead of expectations.
3. Raising revenue and free cash flow guidance for the year.
4. Wix Studio and AI expected to be primary growth engine going into 2024 and beyond.
5. Partners business was a meaningful driver of strong top-line performance in Q3, growing 38% year over year.
6. Wix Studio has received incredible reception, feedback, and early KPIs.
7. Thousands of Studio sites are live and actively generating GPV.
8. AI Meta Tags Creator and AI chat experience for businesses released.
9. Expect to continue strong momentum into the fourth quarter and accelerate profitable growth even further.
10. Partners revenue grew 38% YoY in Q3.
Bearish Points:
1. Slight delays to some product development timelines due to the ongoing war in Israel.
2. Slight deceleration in bookings.
3. Uncertain macro environment.
4. Lumpiness of B2B business between quarters.
5. Uncertainty on the extent of customer care efficiency improvements.
For more information about Wix.com's earnings call, you can read the relevant news: Wix.com (WIX) Q3 2023 Earnings Call Transcript
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