JERUSALEM (Reuters) – Wix.com, which helps small businesses build and operate websites. reported a higher-than-expected rise in quarterly net profit, and said on Thursday it would be profitable in 2024 including one-off items.
The Israeli company posted earnings of $1.10 per diluted share, excluding one-time items, compared with 6 cents per share a year earlier. Revenue for the July-September quarter grew 14% to $394 million.
Analysts expected Wix to earn 67 cents per share excluding one-time items on revenue of $383 million, LSEG data showed.
The company projected fourth-quarter revenue of $400 million to $405 million, representing annual growth of as much as 14%.
Citing an “outperformance in the first three quarters” Wix raised its 2023 revenue estimate to $1.558 billion to $1.563 billion – growth of 12-13% – from a range of $1.543 billion to $1.558 billion.
“Another quarter of results that exceeded expectations, positions us well to achieve positive GAAP net income in full year 2023 with GAAP profitability achievable in 2024,” CFO Lior Shemesh said.
(Reporting by Steven Scheer; editing by Jason Neely)
