Wix worth over $8b as company reports 2019 results

Avishai Abrahami Photo: Yonatan Bloom

The Israeli DIY website company sees collections exceeding $1 billion in 2020, compared with $832.5 million in 2019.

Israeli DIY website Wix.com Ltd. (Nasdaq: WIX) today reported financial results for the fourth quarter and full year 2019 and provided its initial outlook for the first quarter and full year 2020.

The company's share price closed up 2.31% at $155.24 last night on Nasdaq, giving a market cap of $8.035 billion.

Wix's revenue in the fourth quarter of 2019 was $204.6 million, up 25% from the corresponding quarter of 2018. Full year revenue was $761.1 million, up 26% on 2018. Collections in the fourth quarter were $226.7 million up 29% from the corresponding quarter of 2018 and full year collections were $832.5 million, up 28% on 2018. Wix said it expects to surpass $1 billion in collections in 2020 and that guidance reflects success of investments in growth and strong momentum of new product initiatives.

GAAP net loss in the fourth quarter of 2019 was $21.6 million ($0.42 per share) compared with a net loss of $5.8 million ($0.12 per share) for the fourth quarter of 2018. Non-GAAP net profit in the fourth quarter of 2019 was $19.9 million ($0.39 per share) compared with non-GAAP net profit of $20.8 million ($0.42 per share) for the fourth quarter of 2018.

GAAP net loss for the full year 2019 was $86.4 million ($1.71 per share) compared with a net loss of $37.1 million ($0.77 per share) in 2018. Non-GAAP net profit for the full year 2019 was $59.1 million (1.17 per share) compared with a non-GAAP net profit of $51.3 million ($1.07 per share) in 2018.

Wix cofounder and CEO Avishai Abrahami said, "The fourth quarter was the culmination of a phenomenal year at Wix. We continue to evolve from a website builder to a comprehensive web creation and business solutions platform. The unveiling of Editor X was a major milestone for Wix and has laid the groundwork for expanding our reach in the professional market in 2020. We believe that we have never been better positioned for the future."

Wix CFO Lior Shemesh added, "Our results in the fourth quarter closed out a record year of revenue, collections and free cash flow generation for Wix. The guidance we are providing reflects that momentum continuing into 2020 and our confidence in our ability to continue to deliver strong growth for years to come."

Published by Globes, Israel business news - en.globes.co.il - on February 20, 2020

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

Avishai Abrahami Photo: Yonatan Bloom
Avishai Abrahami Photo: Yonatan Bloom
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