Wix.com Ltd. (NASDAQ:WIX) shares rose more than 11% on Wednesday following the company’s reported Q2 results, with EPS of ($0.14) coming in better than the Street estimate of ($0.42). Revenue was $345.2 million, slightly above the Street estimate of $344.34 million.

However, the company indicated that a demand reset to pre-COVID levels coupled with FX dragged bookings and free cash flow ($355M million/-$16 million) well below Street expectations ($380 million/$18 million).

The company lowered its full 2022-year growth guidance to 8–10% vs. prior 10–13% with management projecting challenging July market conditions through the remainder of the year.