Website platform Wix (NASDAQ: WIX) reported earnings today.
Collections (cash sales) rebounded in Q3 after sputtering in Q2. Collections in the third quarter of 2021 were $373.3 million, up 33% year over year. Collections were up 29% year over year in the second quarter but down sequentially from Q1.
Q3 revenue came in at $320.8 million, up 26% year over year.
The company breaks its revenue into two categories: Creative Subscriptions, which is basically its website builder product, and Business Solutions, which include add-ons such as communications tools, payment services, and marketing products.
Creative Subscriptions revenue in the third quarter of 2021 was $241.3 million, up 19% year over year. Business Solutions revenue in the third quarter of 2021 was $79.5 million, up 55% year over year.
Similarly, after Q2 Wix lowered its full-year guidance for revenue to $1.255-1.270 billion, down from $1.280-1.290 billion. Now it is raising guidance to $1.265-1.274 billion.
After Q@, the company also lowered its collections guidance to $1.40-1.435 billion, down from $1.44-1.46 billion. Now it is raising collections guidance to $1.415-1.439 billion.