Wix Appoints Co-CEO, Reports 13% Revenue Growth Amid AI Focus
Summarized from Ynetnews by baba
Wix appointed Nir Zohar as co-CEO alongside Avishai Abrahami, effective immediately, as the company reported a 13% increase in third-quarter revenue to $570.2 million. Growth was driven by the Base44 acquisition, with total annual recurring revenue reaching $2.021 billion. The company posted a net loss of $13.7 million following recent mass layoffs and is increasing investment in AI. Wix maintained its full-year revenue growth forecast but lowered its free-cash-flow margin projection.
The story in 7 lines · by baba
- Nir Zohar was appointed co-CEO of Wix alongside founder Avishai Abrahami.
- Wix reported third-quarter revenue of $570.2 million, a 13% increase year-over-year.
- The company's annual recurring revenue reached $2.021 billion, up 15%.
- Base44 acquisition significantly contributed to growth, with near $250 million in ARR.
- Wix posted a $13.7 million net loss in the third quarter.
- The company is increasing investment in AI and GPU capacity.
- Wix employs 4,121 people after recent workforce reductions.
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