Stock Alert: Wix.com Climbs 7% On Outlook

(RTTNews) - Shares of website maker Wix.com Ltd. (WIX) are rising more than 7% Thursday morning as the company provided second-quarter revenue outlook better than the Street view.

The company that helps small businesses to build websites sees customer demand surging as many companies are trying to make their presence felt online during Covid-19 pandemic.

While reporting first-quarter results, Wix.com said it sees revenue for the second quarter to be in the range of $231 million- 233 million. Analysts polled by Thomson Reuters expect revenue of $227.49 million.

In the first quarter, revenue increased 24% year-on-year at $216 million. Adjusted loss per share of $0.01 beat estimates at $0.03.

"As data from April shows, our business has remained steadfast, even as this pandemic has shut down most of the world. ...This immense demand uplift, coupled with the marketing investment to support it, has already driven us to a significantly higher outlook for Q2 than we originally expected. We expect collections growth of 28-30% y/y in the second quarter," Lior Shemesh, CFO of Wix said.

WIX is currently trading at $178.85, close to its 52 week high of $182.10. The stock more than doubled in the last two months.