People are creating websites in droves.
Website building platform Wix (Nasdaq: WIX) reported first quarter earnings today. It had a solid first quarter, but things got really interesting in April. As domain name companies can attest, there has been a boon in people registering domains and creating websites due to the Covid pandemic.
In April 2020 compared to April 2019:
- 63% more people signed up for a Wix account
- Net paying subscribers added during the month jumped 207% compared to the April 2019 growth rate
- Collections (cash receipts) soared 76%
- Online store subscriptions grew 580% compared to the year-ago growth
- Online store transactions grew 110%
Earlier this year, Wix said it was too early to determine the impact Covid would have on its business. Now it has lifted its guidance going forward, citing the change in consumer behavior “creating a vast tailwind for our business.”
For Q1, both revenue and collections were up 24% compared to the same quarter of 2019. Wix’s base of paying customers increased by 162,000 to 4.7 million during the quarter and 6.9 million people registered for accounts.