Wix.com Adds More Users and Service Subscriptions to Its Website Management Platform
The second half of 2019 has been far from a breeze for many cloud-based software stocks. Years of strong business growth and skyrocketing share performance took a step back in the late summer and early autumn. Wix.com (NASDAQ: WIX) has been no exception. As of this writing, shares are down over 20% from their all-time highs.
The website and e-commerce management provider is nevertheless still putting up solid numbers and is laying the groundwork for years of continued expansion. Third-quarter 2019 results bear that out with another round of double-digit top- and bottom-line growth, providing a nice counterpoint to the stratospheric valuations of peers like Shopify. This makes Wix a must-watch for growth investors.
Registered users on the Wix platform grew 17% year over year to 159.5 million, providing a better base from which to generate advertising revenue. Even better, though, was the 15% increase in paying subscribers to 4.41 million from a year ago. All told, it equated to a 26% increase in revenue to $196.8 million and a 23% increase in free cash flow to $29.2 million. Paired with the results from the first half of 2019, Wix.com is putting up another year of impressive growth.
Source Fool.com
