NEW YORK - Wix.com Ltd. (NASDAQ:WIX), a leading global web development platform, reported a higher-than-expected profit for the first quarter, surpassing analyst estimates.
The company announced an adjusted earnings per share (EPS) of $1.29, which was $0.26 above the consensus estimate of $1.03. Revenue for the quarter was also slightly above expectations, coming in at $419.8 million compared to the predicted $417.9 million.
The company's financial performance in the first quarter has led to a positive market reaction, with the stock price jumping 7%. This surge reflects investor confidence following the company's earnings beat. Wix.com's revenue showed a robust increase from the same quarter last year, indicating sustained growth in its core business operations.
Looking ahead, Wix.com provided guidance for the second quarter of 2024 with revenue projections ranging from $431 million to $435 million. The midpoint of this range, $433 million, is slightly below the analyst consensus of $435.3 million.
For the full year 2024, the company anticipates revenues to be between $1.738 billion and $1.761 billion, with the midpoint at $1.7495 billion, marginally below the consensus estimate of $1.75 billion.
In a statement accompanying the earnings release, the CEO of Wix.com expressed satisfaction with the company's performance, attributing the strong results to the successful execution of their growth strategy and continued investment in product development.
The CEO's remarks underscored the company's commitment to expanding its market presence and enhancing its platform capabilities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.