Wix.com earnings for the first quarter of the year have WIX stock falling hard on Thursday.
Wix.com (NASDAQ:WIX) starts off its earnings report for the first quarter of 2019 with earnings per share of 3 cents. This is better than the company’s losses per share of 5 cents from the first quarter of 2018. However, it was a major blow to WIX stock by missing Wall Street’s earnings per share estimate of 5 cents for the period.
The Wix.com earnings report for the first quarter of the year has net loss coming in at $19.81 million. This isn’t as bad as the company’s net loss of $30.74 million reported in the same period of the year prior.
Operating loss reported by Wix.com for the first quarter of 2019 comes in at $18.45 million. The web development company reported an operating loss of $27.79 million in the first quarter of the previous year.
Wix.com earnings for the first quarter of the year also include revenue of $137.78 million. This is a decrease from the company’s revenue of $174.29 million reported during the same time last year. It was also bad news for WIX stock by coming in well below analysts’ revenue estimate of $173.00 million for the quarter.
The most recent Wix.com earnings report also includes an update for its full year 2019 outlook. The company says it now expects revenue for the year to range from $758 million to $763 million. The previous outlook was for revenue between $755 million and $761 million. Wall Street is looking for revenue of $759.89 million in 2019.
WIX stock was down 5% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.