Saudi developer First Avenue secures $53mln funding to support expansion
Summary
Wix reported Q1 revenue of $541.2 million, up 14% year over year but slightly below analyst estimates, and adjusted EPS missed expectations at $0.68 versus $1.25. Total annual recurring revenue rose 15% to $1.9 billion, while consolidated adjusted gross margin declined 300 basis points to 66% and operating cash flow was $78.5 million. Management highlighted an in-house large language model powering Wix Harmony to reduce AI costs and improve product control, and said bookings from the new-user cohort increased nearly 50% year over year. The company completed a $1.6 billion modified tender offer, repurchasing nearly 30% of outstanding shares, reiterated mid-teens revenue/bookings guidance, and the stock plunged about 24.6% to a 52-week low on the results.