Q2 2024 Wix.Com Ltd Earnings Call Transcript
Key Points
- Wix.com Ltd (WIX) reported a 15% year-over-year bookings growth, a significant acceleration from the 10% growth in Q1.
- The company achieved 12% revenue growth, exceeding the top end of their guidance.
- Wix Studio saw a 20% quarter-over-quarter bookings growth, driven by new features and strong partner engagement.
- The introduction of 17 AI business assistants has received positive feedback, with more AI tools set to launch later this year.
- The commerce platform experienced a 21% year-over-year growth in transaction revenue, with a record take rate of 1.68%.
- There is a general conservatism in the outlook due to macroeconomic unpredictability and FX volatility.
- Despite strong adoption, there is a noticeable difference in AI tool uptake between new and existing users.
- The company is facing tougher year-over-year comparisons as they lap the initial success of Wix Studio.
- The expansion into new verticals and onboarding larger merchants may require sustained investment and resources.
- The company acknowledges that achieving a seamless AI integration across all products is still a work in progress.
Good day and thank you for standing by. Welcome to the Wix second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Emily Liu of Investor Relations. Please go ahead.
Thanks, Amy, and good morning, everyone. Welcome to Wix's second-quarter 2024 earnings call. Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, our President and COO; and Lior Shemesh, our CFO.
During this call, we may make forward-looking statements, and these statements are based on current expectations and assumptions. Please consider the risk factors included in our press release and most recent Form 20-F that could cause our actual results to differ materially from these forward-looking statements. We do not undertake any obligation to update these forward-looking statements.
In addition, we will comment on non-GAAP financial results and key operating
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