Wix.com (WIX) Tops Q3 Earnings Estimates, Updates '19 View
Zacks Investment Research | Nov 14, 2019 08:57PM ET
Wix.com Ltd. (NASDAQ:WIX) reported third-quarter 2019 non-GAAP earnings of 41 cents per share beating the Zacks Consensus Estimate by 46.43%. Notably, the bottom line also improved 5.1% on a year-over-year basis.
Total revenues surged 26% year over year to $196.8 million. The top line lagged the Zacks Consensus Estimate by 0.48%. Nonetheless, figure came within management’s guided range of $196 million to $198 million.
The year-over-year increase in the top line can primarily be attributed to robust product offering and higher sales of complementary products. Further, growing user and premium subscription base were other positives.
Shares Down on Bleak Q4 View
Shares of Wix declined 7.7% on Nov 14, on bleak fourth-quarter revenue outlook. For the fourth quarter, the company anticipates revenues in the range of $204-$206 million, suggesting growth of 24-25% from the year-ago quarter. The guidance takes impact of foreign exchange rates into account. The Zacks Consensus Estimate for revenues is currently pegged at $207.15 million.
Notably, the stock has returned 38.6% year to date, outperforming the Zacks Investment Research
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