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Wix.com Shares Surge 7% Following Q1 Beat
May 20, 2024 12:52 PM - Davit Kirakosyan
Image credit: FMP
Wix.com (NASDAQ:WIX) shares surged more than 7% pre-market today after the company reported first-quarter profits that exceeded analyst expectations. The company posted an adjusted earnings per share (EPS) of $1.29, which was higher than the consensus estimate of $1.03. Revenue for the quarter also surpassed predictions, reaching $419.8 million compared to the expected $417.9 million.
Looking ahead, the company provided guidance for Q2/24, projecting revenues between $431 million and $435 million, compared to the Street estimate of $435.3 million. For the full year, Wix expects revenues to be between $1.738 billion and $1.761 billion, compared to the Street estimate of $1.75 billion.
In a statement, the CEO of Wix.com expressed satisfaction with the company's performance, attributing the strong results to the effective execution of their growth strategy and continued investment in product development. The CEO emphasized the company’s commitment to expanding its market presence and enhancing its platform capabilities.
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