Israel's Wix raises forecast after jump in first-quarter revenue
Analysts were expecting the website-creation company to lose 36 cents per share on revenue of $26.9 million.
Israel-based Wix.com (WIX.O), which helps small businesses build and operate websites, reported an 86 percent rise in first-quarter revenue on Tuesday and raised its forecast for the year, while underlying losses more than halved.
Wix, which raised over $122 million in an initial public offering on Nasdaq in November, said its quarterly loss excluding one-off items narrowed to 30 cents per share from 76 cents a share in the same period last year as revenue surged to $28.8 million. Analysts were expecting Wix to lose 36 cents per share on revenue of $26.9 million, according to Thomson Reuters I/B/E/S Estimates.
Wix has 46.2 million registered users and added a record 118,000 premium subscriptions in the quarter to reach 908,000.
"We saw good demand for our products," President Nir Zohar told Reuters, saying Wix enables users to build websites without the constraints of competing software which requires filling in boxes with little flexibility.
Wix raised its full-year revenue forecast to $130-$133 million from a previous estimate of $127-$130 million and representing year-over-year growth of 62-65 percent. It expects adjusted losses before interest, tax, depreciation and amortization (LBITDA) of $38 million to $42 million.
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