Wix reports strong Q3 results, authorizes $100 million in share repurchases

Drag and drop website building giant, Wix , has reported a strong Q3 result today. The company has reported revenue of $155.6 million, up nearly 40% yoy and reported a non-GAAP operating income of $16.3 million. This came on the back of an accelerated monetization drive, which resulted in average revenue per subscription increased by 11% yoy.

The company has also announced Wix Payments, a comprehensive payments platform which will help small businesses to grow.

“Our strong third quarter results demonstrate that we continue to develop a product experience on Wix that is best in class,” said Avishai Abrahami, Co-founder and CEO of Wix.

Wix has also launched Wix Video Maker, wherein Wix users can market and grow their business by using video content. Board of Directors of the cloud-based web development platform have also approved a $100 million share repurchase program too.

Read more about the results here.

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