Web development platform company Wix.com Ltd. (Nasdaq: WIX) has reported a GAAP net loss of $14.9 million, or $0.40 per share, for the first quarter of 2014. This compares with a net loss of $4.9 million, or $0.83 per share, for the first quarter of 2013.
On a non-GAAP basis, the net loss was $11.3 million, or $0.30 per share, compared with $4.4 million, or $0.76 per share, for the first quarter of 2013. The consensus analysts' estimate was for a loss of $0.36 per share. Revenue in the first quarter was $28.8 million, 86% more than in the corresponding quarter, and above the analysts' estimate of $26.9 million. Wix's share price rose 5.5% in late trading on Wall Street yesterday.
The company reports that collections increased 91% to $37.5 million in the quarter, compared with $19.7 million for the first quarter of 2013. It added approximately four million users during the quarter, and had 46.2 million registered users at the end of March 2014, 45% more than a year previously. Wix says that it added approximately 118,000 net premium subscriptions in the quarter to reach approximately 908,000 at the end of March 2014, 65% more than a year previously, and 15% more than at the end of 2013.
“The significant growth in our collections, revenues and subscriptions during the first quarter highlights the strength of our comprehensive web development technology, which is being rapidly adopted,” said Wix co-founder, chairman and CEO Avishai Abrahami.
For the second quarter of 2014, the company expects collections to be in the range of $38 million to $39 million, representing year-over-year growth of 71% to 75%. Revenue is expected to be in the range of $31 million to $32 million, representing year-over-year growth of 67% to 72%. For the full year 2014, the company raised its guidance for collections and revenue, and reiterated its guidance for adjusted EBITDA. Collections are now expected to be in the range of $155 million to $160 million, representing year-over-year growth of 57% to 62%; revenue is now expected to be in the range of $130 million to $133 million, representing year-over-year growth of 62% to 65%; and adjusted EBITDA is expected to be in the range of minus $38 million to minus $42 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013