WIX Swings To Profit In Q3, Beats View; Raises FY23 Guidance

(RTTNews) - Wix.com Ltd. (WIX), a software solution provider, on Thursday reported earnings compared to a loss for the same quarter last year, on strong partner business. Earnings and revenue beat the Street view.

Further, the company issued its outlook for the fourth quarter and raised its guidance for fiscal 2023.

The company reported earnings of $6.975 million or $0.12 per share compared with a loss of $47.36 million or $0.81 per share for the same period last year.

Excluding items, the company reported a profit of $65.07 million or $1.10 per share compared to earnings of $3.57 million or $0.06 per share in the previous year.

On average, 14 analysts polled by Thomson Reuters had expected earnings of $0.67 per share for the year. Analysts' estimates typically exclude special items.

Revenue grew to $393.84 million from $345.80 million in the prior year. The Street view for revenue is $389.74 million.

Looking ahead to the next quarter, the company said it expects revenue to be in the range of $400 million to $405 million, or 13 percent-14 percent growth year on year. Analysts' estimate the revenue to be $339.28 million.

Looking forward to the full year, the company now expects revenue in the range of $1,558 million to $1,563 million or 12 percent-13 percent year on year growth, higher than the previous expectation of $1,543 million to $1,558 million or 11 percent to 12 percent year on year growth.

Analysts on average estimate $1.56 billion in revenue.

On Wednesday, WIX shares closed at $89.84, up 1.16% on Nasdaq.