Web development platform Wix.com Ltd. (Nasdaq: WIX) has raised its guidance for 2014 while reporting financial results for the third quarter of 2014.
Revenue climbed 75% in the third quarter of 2014 to $37.5 million from $21.4 million in the corresponding quarter of 2013. Non-GAAP net loss widened to $9 million ($0.24 per share), from $5.4 million ($0.87 per share) in the corresponding quarter. GAAP net loss was $12.8 million ($0.34 per share), up from $7.7 million ( $1.19 per share), in the corresponding quarter of 2013. This beat the analysts' consensus of $35.7 million revenue and a loss of $0.32 per share.
The company raised its full-year revenue forecast to $139-$140 million from $136-$138 million.
Wix CEO and Co-Founder Avishai Abrahami said, "Once again, the tremendous growth that we were able to achieve surpassed our expectations for the quarter. In the past year, we were able to take the Wix platform to new heights and give our users a rich menu of significant new tools to manage their business online. All of this was made possible by the strength and innovation of our extensive R&D and product teams, and we will continue to push forward."
He continued, "I'm excited to announce that we will soon be launching WixStores, a completely revamped e-commerce product. When designing WixStores, we focused on the needs of online retailers and came up with a complete solution that provides a visually appealing store front that is seamlessly packaged with advanced back-end tools. With the other products released this year, ranging from CRM database capabilities to e-mail marketing tools, we have created an ecosystem - an end-to-end online solution for the needs of small business owners everywhere."
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2014
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