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Wix Shares Surge 14% on Strong Q3 Results and Upgraded Outlook

Wix Shares Surge 14% on Strong Q3 Results and Upgraded Outlook Nov. 21, 2024, 6:23 a.m., readers: 1

Wix.com (NASDAQ:WIX) saw its shares jump nearly 14% yesterday after reporting better-than-expected third-quarter earnings and raising its full-year guidance. The website-building platform demonstrated solid momentum across its core business segments. For the quarter, Wix posted adjusted earnings per share of $1.50, exceeding Wall Street analyst expectations of $1.44. Revenue grew 13% year-over-year to $444.7 million, slightly above the $443.97 million consensus estimate. Bookings growth accelerated to 16% year-over-year, reaching $449.8 million, driven by strong adoption of the Studio product, AI-driven innovations, and increased commerce activity. Momentum from Studio proved significant, with 75% of bookings from new partners originating from Studio accounts, marking an increase from the previous quarter. Looking ahead, Wix raised its full-year 2024 revenue guidance to a range of $1.757 billion to $1.764 billion, up from the previous forecast of $1.747 billion to $1.761 billion. The company also projected exiting the year with up to 18% year-over-year bookings growth at the high end of its outlook.

About NASDAQ: WIX

W ix.com Ltd., together with its subsidiaries, develops and markets a cloud-based platform that enables anyone to create a website or web application in North America, Europe, Latin America, Asia, and internationally. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; Wix ADI that enables users to create a website for their specific needs; and Corvid by Wix to create websites and web applications.

Price: 215.19
Market cap: 12.0 billion USD
Eps: 1.60
P/e ratio: 134.49
Focus Analysis On: WIX