Wix.com Q1 Profit Up, Misses Street; Sees Q2 Revenue Below Market, Backs FY View; To Buy Back Shares

Wix.com

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(RTTNews) - Wix.com Ltd. (WIX), a SaaS website builder platform, Wednesday reported higher profit and revenues in its first quarter. Adjusted earnings, meanwhile, was below the market estimates, while top line beat view. Further, the company issued second-quarter revenue outlook below market, and maintained fiscal 2025 forecast.

In addition, the Board of Directors has authorized an increase to its program to repurchase the company's securities by an additional amount of up to $200 million, on top of the $200 million previously approved by the Board on February 26.

The approval brings the repurchase authorization under the program to a total amount of up to $400 million.

In its first quarter, net income was $33.77 million or $0.57 per share, higher than $24 million or $0.41 per share a year ago.

Adjusted net income was $93.87 million or $1.55 per share, compared to $77.29 million or $1.29 per share last year.

The Wall Street analysts on average expected the company to report earnings of $1.66 per share. Analysts' estimates typically exclude special items.

Total revenue in the first quarter grew 13 percent to $473.65 million from $419.78 million in the prior year. The Street expected revenues of $471.94 million.

Creative Subscriptions revenue was $337.7 million, up 11 percent year-over-year, and Business Solutions revenue was $136.0 million, up 18 percent.

Total bookings were $510.9 million, up 12 percent from the prior year.

Looking ahead for the second quarter, the company expects total revenue to be $485 million to $489 million, up 11 percent to 12 percent year-over-year.

Further, for fiscal 2025, the company continues to expect revenue of $1.97 billion to $2 billion, up 12 percent to 14 percent from last year.

Analysts expect revenues of $490.13 million for the second quarter and $1.99 billion for the full year.

Wix.com continues to expect full-year bookings of $2.025 billion to $2.060 billion, a growth of 11 percent to 13 percent from last year. This reflects conservatism due to macro uncertainty, specifically in Business Solutions segment, with potential volatility offset by fully dissipating FX headwinds.

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