Wix.com Earnings: WIX Stock Soars 11% on Strong Demand, Guidance

Wix.com (NASDAQ:WIX) earnings for first quarter of 2020 have WIX stock heading higher on Thursday. That comes after reporting adjusted loss per share of 1 cent, which beats out Wall Street’s estimate of 3-cent loss for the period. However, the e-commerce company’s revenue of $215.99 million is just below analysts’ estimates of $216.2 million.

Wix.com Earnings: WIX Stock Soars 9% on Strong Demand, Guidance

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Here’s what else is worth noting from the most recent Wix.com earnings report.

  • Adjusted per-share losses are a switch from its adjusted earnings per share (EPS) of 3 cents during the same time last year.
  • Revenue for the quarter comes in 24% higher than the $174.29 million in the first quarter of 2019.
  • Operating loss of $38.39 million is 38.1%% wider year-over-year than losses of $27.79 million.
  • The Wix.com earnings report also has net loss coming in at $39.15 million.
  • That’s worse than the company’s net loss of $30.74 million from the same period of the year prior.

Avishai Abrahami, co-founder and CEO of Wix.com, said this in the Q1 earnings report:

“The current crisis has magnified the importance of having an online presence like never before, and we are very fortunate to offer a product that provides businesses, brands and individuals an opportunity to build and grow despite the increasing hardships that they are facing.”

Wix.com provides an outlook for the second quarter of 2020 in the current earnings report. This has it expecting revenue to range from $231 million to 233 million. Wall Street’s estimate is revenue of $227.49 million.

WIX stock was up 11.3% as of Thursday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/05/wix-com-earnings-boost-stock-higher/.

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