Wix.com Ltd (NASDAQ: WIX) shares are trading higher by 7% after it reported Q3 FY23 results.
Revenue grew 14% Y/Y to $393.8 million, beating the consensus of $389.7 million.
Revenue growth was led by the third consecutive quarter of Partners revenue growth (+38% Y/Y), strong GPV growth, and improved performance in the new cohorts of users.
Non-GAAP EPS of $1.10 beat the consensus of $0.67.
Segments: Creative Subscription revenue increased 11% Y/Y to $290.6 million. The Creative Subscriptions bookings climbed 5% Y/Y to $283.9 million. Creative Subscriptions ARR was $1.18 billion, up 10% Y/Y.
Business Solutions' revenue rose 22% Y/Y to $103.2 million, and the bookings jumped 27% Y/Y to $105.2 million.
The non-GAAP gross margin expanded to 68% from 65% a year ago.
Wix.com generated $64.1 million in operating cash flow ...