Wix.com Ltd. (Nasdaq: WIX), which provides a platform for building and designing websites for small and medium-sized businesses, today reported its results for the first quarter of the year, with GAAP revenue up 50% to $92.5 million. Wix had 103 million users, 25% more than in the corresponding quarter last year.
Wix's first quarter GAAP operating loss was $20.5 million, compared with a $19.8 million GAAP operating loss in the first quarter of 2016. The non-GAAP operating loss was $7.5 million, compared with a $12.3 million non-GAAP operating loss in the corresponding quarter last year.
Wix reported a $20.9 million GAAP net loss for the quarter, $0.47 per share, compared with a $19.9 million GAAP net loss in the corresponding quarter in 2016. Wix is projecting $102 million in revenue in the second quarter, 48% more than in the second quarter of 2016.
"Our growth is continuing at a rapid pace, and we're beginning 2017 with an especially strong quarter," Wix CEO and managing partner Avishai Abrahami said. "We are continuing the establishment of our company as a technological leader through innovative products, effective marketing, and expanding the brand throughout the world. Continued investment in our platform has led to peak growth in the number of our premium subscribers. We have also achieved an important milestone by exceeding 100 million official users, an amazing accomplishment. We have also launched a new product - Wix Video - a unique and innovative solution that enables users to fully display and distribute personalized video clips. We are continuing the successful implementation of our strategy, and believe that the innovative products planned for 2017 will make our platform even stronger."
Wix's market cap is $3.32 billion. The company has added 65% to its value this year, following 180% growth in value last year.
Published by Globes [online], Israel Business News - www.globes-online.com - on May 10, 2017
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