Shares drop after Q1 results and outlook disappoint analysts.
Website builder and domain name registrar Wix (NASDAQ: WIX) announced its first quarter earnings today. Shares are down 13% as of 11 am ET.
Total revenue in Q1 was $473.7 million, up 13% year over year.
The company splits this into two groups: Creative Subscriptions was $337.7 million, up 11% year over year, and Business Solutions was $136.0 million, up 18% year over year.
Creative Subscriptions includes site building, web hosting, and domain registrations.
Business Solutions includes payments, POS, and other products.
Overall bookings hit $510.9 million, up 12% year over year.
Wix ended the quarter with 288 million registered users, most of whom use free products.
Looking ahead to the full year, Wix reiterated its existing guidance for full year bookings of $2,025 – 2,060 million, representing 11-13% growth. It is also sticking to its revenue guidance of $1,970 – 2,000 million, up 12-14%.
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