Website creator Wix.com loss in Q3 less than expected

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JERUSALEM, Nov 11 (Businesshala) – Wix.com (WIX.O), which helps small businesses build and operate websites, on Thursday reported broad losses in the third quarter, but said the COVID-19 pandemic Due to which the uncertainty was decreasing.

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CEO Avishai Abrahami said, “We have seen an improvement in the business environment. Our users still face a great deal of uncertainty, but we believe the impacts have lessened.”

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The Israeli company reported a lower-than-expected quarterly net loss, excluding one-time items, of 21 cents per share, compared to a loss of 14 cents a year ago. Revenue increased 26% to $321 million.

Analysts had estimated Wix would lose 42 cents per share on revenue of $315 million, according to I/B/E/S data from Refinitiv.

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“The outperformance in the quarter was driven by better-than-expected new user additions, conversion of new users to subscriptions and average collections per subscription,” said CFO Lior Shemesh.

The company said it expects fourth-quarter revenue of $324-$333 million.

It raised its full-year revenue guidance to $1.255-$1.270 billion from its previous guidance of $1.265-$1.274 billion, but raised its free cash flow estimate from $60-$65 million to $45 due to the stronger shekel versus the dollar. – Made $50 million. “Become a more significant headwind for our operating expenses.”

Reporting by Steven Scheer Editing by Ari Rabinovich

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