Web site Creator Wix.com Q1 Revenue Beats Estimates, Raises 2023 Outlook

JERUSALEM (Reuters) – Wix.com, which helps small companies construct and function web sites, on Wednesday mentioned it swung to a web revenue within the first quarter, boosted by development in subscription income.

The Israeli firm mentioned it had earned 91 cents per share excluding one-time objects, in contrast with a lack of 72 cents per share a yr earlier. Income grew 10% to $374.1 million.

Wix was forecast to earn 14 cents excluding one-time objects, on income of $369 million, in keeping with Refinitiv I/B/E/S information.

It tasks second-quarter income of $380 million to $385 million for annual development of as a lot as 12%.

Citing an “outperformance in Q1,” Wix raised its full yr 2023 income estimate to $1.522 billion to $1.543 billion – development of 10-11% – from $1.51 billion to $1.535 billion.

(Reporting by Steven Scheer; Enhancing by Ari Rabinovitch)

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