Wix.com, a platform for small businesses to construct and manage websites, reported a greater-than-anticipated boost in net income for the third quarter and declared that it would turn a profit in 2024 after accounting for one-time expenses. The Israeli company posted income per diluted share of $1.10, except for one-time items, compared to 6 cents per share the year prior. Revenue for the July-September quarter increased 14% to $394 million, surpassing analysts’ estimates of 67 cents per share excluding one-time items on revenue of $383 million, according to LSEG data.
The company predicted fourth quarter revenue of $400 million to $405 million, representing an annual growth of up to 14%. Citing “outperformance in the first three quarters”, Wix raised its 2023 revenue forecast to $1.558 billion to $1.563 billion, an increase of 12-13%, from the original range of $1.543 billion to $1.558 billion.
“Another quarter of results that exceeded expectations, positions us well to achieve positive GAAP net income in full year 2023 with GAAP profitability achievable in 2024,” said Wix Chief Financial Officer Lior Shemesh.