Wix dips on lower guidance

Wix offices

Website building solutions company Wix reported better than expected third quarter results, but lowered its full-year guidance.

Israeli website building solutions company Wix.com Ltd. (Nasdaq: WIX) released better than expected quarterly results today, but slightly trimmed its guidance for the year as a whole, sending its share price down by about 5% in New York.

Wix posted earnings per share of $0.41 in the third quarter, above the analysts' estimate of $0.39. Revenue rose 26 in comparison with the third quarter of 2018, to $196.8 million.

For 2019 as a whole, Wix sees revenue in the range of $761-763 million, down from the previous revenue guidance of $765-761 million. The new guidance represents a 26% rise in revenue in comparison with 2018.

For the fourth quarter, Wix expects revenue of $204-206 million, representing a rise of 24-25% in comparison with the corresponding quarter of 2018.

Wix said that its lower guidance was mainly because of currency exchange rate fluctuations.

Published by Globes, Israel business news - en.globes.co.il - on November 14, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018