Wix sees 40% revenue growth in 2018

Wix

The Israeli cloud-based web development platform has reported 47% revenue growth for 2017 and expects 40% growth in 2018.

Israeli cloud-based web development platform Wix.com Ltd. (Nasdaq: WIX) has reported 41% revenue growth for 2017 and expects similar growth in 2018.

Fourth quarter revenue was $118.5 million, up 41% from the corresponding quarter of 2016 and full year 2017 revenue was $425.6 million, up 47% from 2016. Wix sees 2018 revenue between $591 and 4595 million, up 39%-40%

GAAP net loss in the fourth quarter of 2017 was $6.6million ($0.14per share), compared with a net loss of $5.9 million ($0.13 per share) in the fourth quarter of 2016. Non-GAAP net profit in the fourth quarter of 2017 was $7.2 million ($0.16 per share) compared with a non-GAAP net profit of $3 million ($0.07 per share) for the fourth quarter of 2016

GAAP net loss for the full year 2017 was $56.3 million ($1.24 per share) compared with a net loss of $46.9 million ($1.12 per share) in 2016. Non-GAAP net loss for the full year 2017 was $0.5 million ($0.01 per share) compared with a non-GAAP net loss of $14.6 million ($0.35 per share) in 2016.

Wix cofounder and CEO Avishai Abrahami said, "Continued improvements to our product offering and successful execution of marketing campaigns drove robust financial results this quarter, closing out a strong year. Most notably, Wix ADI improved considerably throughout the year, driving conversion improvements and increases in collections per subscription. These successes, combined with upcoming new products and enhancements, underscore our position of strength for the year ahead."

Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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