WIX Q1 report: Hits ATH

This stock used to be moderately followed on this board. I still own some shares. They announced Q1 earnings and the stock hit an All Time High today.

• Net premium subscription adds grew 207% in April.

• Q2 outlook for collections growth of 28-30% y/y in Q2 (higher than previous guidance).

• Total collections grew 24% Y/Y to $249M.

• 3.2M new registered users (+63% Y/Y) for a new monthly high.

we’ve seen a surge on all metrics in April said Nir Zohar, President and COO (https://www.fool.com/earnings/call-transcripts/2020/05/14/wi… )

• Avishai Abrahami, Co-founder and CEO wrote: "The current crisis has magnified the importance of having an online presence like never before, and we are very fortunate to offer a product that provides businesses, brands and individuals an opportunity to build and grow despite the increasing hardships that they are facing. … “As demand for an online presence increases, we remain focused on providing best-in-class free and paid products and delivering improvements to our offering in response to our users’ needs.”

• Part of the surge was colored by Abrahami: The people that lost their job somewhere and they wanted to restart and do something. And the easiest way to start something with pretty much no money is to do something online. So we are seeing – again conversation I had with users that is a very big part of what is in that I see now.

• Wix believes the surge is not temporary and will continue as the Covid crises abates. Abrahami said: This is not a temporary change, a lot of what we’re seeing now, part of it – a lot of which will stay and we live as forward. And so, April, why the 76% higher conversion at higher prices and – I don’t know really what to predict – that’s going to go to 60%, 50% of it was before or it might go to 90% higher than it was before. So it’s very hard for us to predict. We can talk about what we’re seeing now. And again, I do believe that what we’re seeing now is a massive change in our – people perceive and think about their businesses.

So higher revenue and lower losses, with growth. Still need to dive deeper into the numbers, but Mr. Market likes what it heard, so far anyway.