WIX.com Ltd. - WIX STOCK NEWS

Wix.com Ltd. (Nasdaq: WIX) announced that it will hold a conference call to discuss its financial results for the first quarter ending March 31, 2023. The call is scheduled for May 17, 2023, at 8:30 a.m. ET, coinciding with the release of a press statement detailing these results. Interested parties can register for the call via the provided link. Wix, known for its website building platform, has transformed into a comprehensive tool offering advanced business solutions and marketing tools since its inception in 2006. The company emphasizes user data ownership and continuous innovation in its offerings.

On April 20, 2023, Wix announced an extended integration with Square, enabling restaurant owners to synchronize their Wix Restaurants site with their Square accounts. This integration streamlines online ordering and operational management, allowing restaurant owners to manage their menu and orders from a single platform. Key benefits include automatic synchronization of updates, consolidated sales reporting, and reduced need for manual data entry. By improving operational efficiency, restaurants can enhance service quality and potentially increase revenue. The integration is currently available to users in the US, Canada, UK, Ireland, and Australia.

Wix.com Ltd. (NASDAQ: WIX) announced an integration with WhatsApp, Instagram, and Messenger, enabling users to manage customer interactions through a unified inbox. This feature allows business owners to streamline communication and enhance customer relationships. The Wix Inbox also supports sending product suggestions, coupons, and auto-replies, enhancing business efficiency. With over one billion users connecting weekly on Meta's platforms, this integration aims to simplify marketing, sales, and support interactions.

Wix continues to innovate, with plans for further multi-channel enhancements to meet the growing needs of its users.

Forter, the Trust Platform for digital commerce, has partnered with Wix.com Ltd. (Nasdaq: WIX), enhancing transaction security for Wix merchants. This collaboration aims to increase approval rates, reduce fraud, and improve customer experience. In 2022, Forter decisioned over $300 billion in transactions and serves more than 200,000 merchants. The integration enables Wix users to maximize conversions, minimize chargebacks, and better manage transaction risk. The partnership is effective immediately and will expand its rollout in the coming months.

Wix announces a significant change to its Board of Directors, effective March 8, 2023, aimed at enhancing its strategic direction. Gavin Patterson, formerly of Salesforce, and Francesco de Mojana, previously of Permira, will join the board, bringing extensive experience in enterprise software and operational efficiencies. These appointments aim to bolster Wix's focus on product-led growth while maintaining profitability, targeting the "Rule of 40" by 2025. Concurrently, board members Yuval Cohen and Roy Saar have resigned after years of service. This strategic refresh is expected to strengthen Wix's leadership as it navigates its next growth phase.

Wix.com Ltd. (NASDAQ: WIX) has announced an expansion of its partnership with Stripe, introducing Tap to Pay on iPhone for U.S.-based merchants. This feature allows Wix users to accept secure, contactless payments directly through their iPhones, eliminating the need for additional hardware. Merchants can process payments from credit/debit cards and digital wallets using the Wix Owner App. This offering enhances Wix's point-of-sale solutions, providing more flexibility and enabling merchants to accept payments anywhere, thereby optimizing their multichannel strategies and potentially increasing sales.

Wix.com Ltd. reported Q4 2022 total revenue of $355 million, up 6% year-over-year, and achieved the highest free cash flow in its history at $52 million. The company expects to generate an additional $50 million in cost savings in 2023, accelerating its path to profitability. Wix aims for positive GAAP net income by FY 2025 and anticipates a free cash flow margin of 10-11% for 2023, improving to 12-13% by year-end. Despite reducing acquisition marketing by 50%, new cohort bookings remained stable, showcasing brand strength. The company executed $243 million in share repurchases, indicating management's confidence in future performance.

Wix.com Ltd. (Nasdaq: WIX) will participate in a fireside chat at the Morgan Stanley Technology, Media & Telecom Conference on March 6, 2023, at 12:15 PM PST. CFO Lior Shemesh will represent the company during this event, which will be held at The Palace Hotel in San Francisco. The discussion will be available via live audio webcast and later as an archived replay on Wix's investor relations website.

Wix helps users create, manage, and grow their digital presence with a comprehensive platform offering business solutions, advanced SEO, and marketing tools.