Company posts impressive year-over-year numbers but net paying customer growth rate lower than in Q1.
Website builder Wix (NASDAQ:WIX) released earnings for the second quarter of 2018 today.
The company reported $146.1 million revenue for the quarter, up 41% year-over-year. It was up from $137.8 million in Q1.
Collections–a measure of sales not considering subscription revenue recognition practices–were $159.9 million.
Free cash flow hit $23.9 million, up 37% year-over-year and a new record.
Wix added a net 205,000 paying customers in the quarter. That brings the total to 3.7 million paying customers. The net adds were lower than in Q1, but many people start new businesses at the beginning of the year.
The company also added 5.8 million registered users in the quarter, bringing the total to 131 million. Comparing the 3.7 million customers to the total registered user base gives an idea of conversion rates from free to paid accounts.
Yesterday, I wrote a Wix review about my experience building a website on Wix.