Wix Q3 revenue soars, loss widens

Avishai Abrahami  / Photo: Shlomi Yosef , Globes

Wix CEO Avishai Abrahami: Businesses are using Wix more than ever before.

Israeli DIY website developer platform Wix.com Ltd. (Nasdaq: WIX) has reported soaring revenue, boosted by the shift online cause by the Covid-19 pandemic, but a widening loss in its financial results for the third quarter of 2020. Revenue exceeded the high-end of guidance and analysts' expectations.

Revenue in the third quarter of 2020 was $254.2 million, up 29% from $196.8 million in the corresponding quarter of 2019. GAAP net loss in the third quarter of 2020 was $56.8million ($1.03) per share, compared with a GAAP net loss of $17.4 million ($0.34 per share) in the third quarter of 2019. Non-GAAP net loss in the third quarter of 2020 was $8 million ($0.14 per share) compared with non-GAAP net profit of $20.8 million ($0.41 per share) in the third quarter of 2019.

Revenue guidance for the fourth quarter is $266-271 million, up 30-32% from the fourth quarter of 2019.

Wix cofounder and CEO Avishai Abrahami said, "Demand for an online presence continues to remain at high levels. Businesses are using Wix more than ever before, and we are seeing them utilize our platform to not only help them create a website, but also to support them as they manage their business and grow their brands. Our web creation products and business solutions have enabled millions of our users to achieve success despite the ongoing difficulties that they are facing."

Wix's share price rose 10.49% on Wall Street yesterday to $269.78 before the results were published, giving a market cap of $15.01 billion. Wix has consolidated its position as Israel's third most valuable publicly traded company after Check Point Software Technologies Ltd. (Nasdaq: CHKP) and NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE.

Published by Globes, Israel business news - en.globes.co.il - on November 12, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Avishai Abrahami  / Photo: Shlomi Yosef , Globes
Avishai Abrahami / Photo: Shlomi Yosef , Globes
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