Israel's swings to Q1 profit, raises 2019 revenue outlook

TEL AVIV, May 16 (Reuters) –, which helps small businesses build and operate websites, swung to a profit in the first quarter and raised its revenue forecast for 2019. It reported on Thursday quarterly net profit of 3 cents a share excluding one-time items, compared with a loss of 6 cents a year earlier. Revenue grew 27 percent to $174.3 million. Analysts had forecast an adjusted profit of 5 cents per share on revenue of $173 million, according to I/B/E/S data from Refinitiv. Israel-based Wix offers free basic features for setting up websites but users must pay for extra services such as shopping carts, individual web addresses and site traffic analysis. Wix raised its 2019 revenue forecast to $758-$763 million, up from a previous forecast of $755-$761 million, up 26 percent from 2018. Analysts were forecasting revenue of $760 million. For the second quarter it estimates revenue of $182-$184 million, up 25-26 percent from a year earlier. (Reporting by Tova Cohen Editing by Steven Scheer)

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.