Wix.com, the popular website building platform for small businesses, delivered impressive second-quarter results that beat market expectations. The Israeli company reported net profit of $1.38 per share, excluding one-time items, for the April-June period. That was a significant jump from last year’s loss of 14 cents per share. Revenue for the quarter also showed healthy growth, reaching $390 million, up 13%.
The unexpected rise in profits has been attributed to a gradual market recovery and a growing trend of online shopping, as more people turn to digital platforms for their needs. Wix’s innovative partnerships with various companies have also been instrumental in expanding its market share.
Buoyed by exceptional second-quarter performance, Wix.com has raised its revenue projections for 2023. Anticipating continued success, the company expects third-quarter revenue to range from $386 million to $391 million , reflecting a promising annual growth rate of up to 13%. The full-year revenue estimate for 2023 has been upgraded to $1.543 billion to $1.558 billion, showing a notable 11-12% growth compared to previous forecasts.
While concerns persist over the Israeli government’s plan to limit the Supreme Court’s powers, Wix President Nir Zohar affirmed the company’s commitment to its Israeli heritage. He rejected the idea of moving Wix’s domicile from Israel, emphasizing his pride in being an Israeli company.
Investors responded enthusiastically to the stellar earnings report, sending Nasdaq-listed Wix shares up 12% to $99.30 in premarket trading. The company’s steady growth and positive outlook reaffirm its position as an outstanding Israeli public company.
This article is sourced from and written by AI.
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