Wix falls despite positive Q3 results

Israeli Development Platform for Cloud Development Wix.com Ltd. (Nasdaq: WIX) reported on the financial results for the third quarter of 2018.

Revenues in the third quarter of 2018 amounted to $ 155.6 million, up 40 percent from the same quarter last year. The net loss in the third quarter of 2018 was $ 5.9 million ($ 0.12 per share) in the third quarter of 2018 compared to a net loss of $ 14.5 million ($ 0.32 per share) for the third quarter of 2017 . GAAP's net profit in the third quarter of 2018 amounted to USD 18.8 million (USD 0.39 per share) compared to net profit not in accordance with GAAP of USD 0.4 million (0.01 USD per share) for the third quarter of 2017.

Co-founder and Executive Director of Wix, Avishai Abrahami, said: "Our strong third-quarter results show that we continue to develop our product experience at Wix, the best in class. Wix is ​​in the middle of another important product release cycle, which brings even greater value to our users – we recently introduced Wix Payments, as well as improvements to the Wix Code and the entire new Wix Video Maker, so we launched the new DeviantArt Platform in December. In December, we intend to publish a new product that will increase how small businesses run and grow online. With these new products and performance we have seen so far, we look forward to continuing our momentum throughout the year 2019. "

Wix also provided its initial outlook for the fourth quarter of 2018 and updated its annual guidance in 2018. Wix sees revenues of $ 161-162 million in the fourth quarter of 2018, which is 36-37% more than in the corresponding quarter of 2017 and in according to analysts' expectations. The company also corrected its estimate for annual revenues at $ 601-602 million compared to the previous estimate of $ 597-599 million.

The Wix share price was down 5.5 percent on the Nasdaq Securities deal, after it went on 3.06 percent to 91.31 euros yesterday, amounting to US $ 4.451 billion. The Wix share price dropped from a maximum of 120 euros two months ago.

Posted by Globes, Business News from Israel – en.globes.co.il – November 14, 2018

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