What is Wix Net Worth 2024: Revenue Growth and Key Financial Performance

What is Wix Net Worth 2024 Revenue Growth and Key Financial Performance

Wix net worth in 2024 stands at $9.71 billion, reflecting its growth and strong financial performance.

At Ando Money, I delve into the details of how its revenue, driven by creative subscriptions and innovative product initiatives, continues to grow.

From free cash flow generation to expanding partnerships, Wix is positioning itself as a leading force in the SaaS industry. Read on for a comprehensive breakdown of its financial performance in 2024.

Quick Facts

FACTDETAIL
NameWix.com Ltd.
Full NameWix.com Ltd.
WebsiteWix.com
IndustrySaaS, Website Builder Platform
Traded asNASDAQ: WIX
ISINIL0011301780
Founded2006
FoundersAvishai Abrahami, Nadav Abrahami, Giora Kaplan
Country/TerritoryIsrael
HeadquartersTel Aviv, Israel
Chief Executive Officer (CEO)Avishai Abrahami
Number of Employees5,242
Market Cap$9.71 billion
Total Assets$1.59 billion
Total Equity-$322.7 million
Revenue$435.7 million
Net Income$39.5 million

What is the Net Worth/Market Cap of Wix in 2024?

What is the Net Worth/Market Cap of Wix in 2024

In 2024, Wix’s market capitalization stands at $9.71 billion, reflecting its position as a leading company in the SaaS industry. This market cap places Wix among top competitors globally.

While the company’s valuation continues to grow, it is important to note that Wix competes with a range of brands in the SaaS and website-building space.

Below is a list of notable companies related to Wix, either as competitors or within the same industry:

  • Squarespace
  • GoDaddy
  • Shopify
  • WordPress
  • Weebly
  • Webflow
  • Duda
  • SiteGround
  • BlueHost
  • HostGator

Explore leading companies by net worth for a deeper understanding of the richest companies in tech today. Learn more here.

Wix Financial Performance Overview

Wix Financial Performance Overview

Revenue Growth and Key Drivers

Wix saw a significant increase in total revenue, reaching $435.7 million in Q2 2024, up 12% year-over-year.

This growth is primarily driven by strong demand for Creative Subscriptions and the expansion of Business Solutions.

Notably, Wix’s Creative Subscriptions brought in $312.1 million, reflecting a steady increase in demand for website-building tools.

Moreover, its Business Solutions revenue surged to $123.6 million, marking a 20% increase from the previous year.

Product Initiatives Driving Financial Success

Wix continues to focus on expanding its product portfolio, with initiatives such as Wix Studio and AI-powered tools playing a crucial role.

The success of Wix Studio has contributed to its financial success, as it allows users to manage multiple subscriptions and provides seamless tools for building digital presences.

In addition, the integration of AI Business Assistants enhances user experiences, which in turn positively impacts financial performance.

These initiatives, alongside the expansion of the commerce platform, have contributed significantly to Wix’s revenue growth.

Free Cash Flow and Margin Expansion

In Q2 2024, Wix generated $112.8 million in free cash flow (FCF), representing a 27% FCF margin.

This impressive cash flow is the result of improved operating leverage and efficient cost management.

Wix’s continued focus on growing its margin reflects its commitment to financial stability and long-term growth.

For the remainder of the year, the company is well-positioned to further expand its FCF margins, driven by the strength of its product offerings.

Breakdown of Costs and Margins

Wix’s gross margins in Q2 2024 remained stable, with a 67% total gross margin on a GAAP basis.

Specifically, the Creative Subscriptions division reported an 83% gross margin, while Business Solutions showed a 28% margin.

On a non-GAAP basis, these figures are slightly higher, with Creative Subscriptions reaching 84% and Business Solutions at 30%.

These figures highlight Wix’s ability to efficiently manage costs while expanding its services.

Financial Outlook and Projections for Future Growth

Looking ahead, Wix expects further bookings growth in the second half of 2024, with a projected year-over-year increase of 16%.

This growth will be fueled by Wix Studio, AI enhancements, and the expanded commerce platform.

In terms of revenue, Wix projects that 2025 will see accelerated growth, with revenue expected to surpass the $1.76 billion mark by the end of 2024.

This financial outlook is a testament to Wix’s solid business fundamentals and its ability to continuously innovate.

Capital Expenditures and Financial Investments

Wix has also made significant investments in its infrastructure, including the buildout of a new corporate headquarters.

While capital expenditures for the new headquarters slightly impacted FCF in 2024, the long-term benefits are expected to outweigh the short-term costs.

Additionally, the company continues to invest in other areas, such as internal software development and expanding its product offerings, all of which will contribute to future financial success.

Shareholder Activities and Impact on Equity

Wix has actively engaged in share repurchases, completing $225 million in repurchases in Q2 2024.

Since 2021, Wix has repurchased over $1 billion worth of shares, which has had a significant impact on its equity position.

Despite this, the company reported a negative equity of -$322.7 million, largely due to accumulated share repurchases.

This strategy reflects Wix’s focus on returning value to shareholders, but it also raises questions about the long-term implications of negative equity on the company’s financial health.

FAQs About Wix

FAQs About Wix

How does Wix generate revenue?

It generates revenue through its Creative Subscriptions and Business Solutions offerings.

The Creative Subscriptions model includes premium plans for users creating websites, while Business Solutions offers payment processing and other commerce-related services.

What are Wix’s major growth drivers?

The main growth drivers for Wix in 2024 are the expansion of Wix Studio, its AI-powered tools, and the company’s focus on enhancing its commerce platform.

How much free cash flow did Wix generate in 2024?

In Q2 2024, it generated $112.8 million in free cash flow, which equates to 27% of total revenue for the quarter.

This strong cash flow performance reflects the company’s operating leverage and strategic investments.

What financial outlook does Wix have for the future?

It projects continued growth for the rest of 2024, with expected bookings growth of 16% year-over-year and revenue exceeding $1.76 billion.

How many employees does Wix have?

As of Q2 2024, it employs 5,242 people, a number that reflects its growing global presence and expanding product offerings.

Conclusion

Wix’s financial performance in 2024 highlights its strong growth potential, driven by innovative products and strategic investments.

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