Monday, July 15, 2024
HomeTechnologyWebsite builder Wix.com's Q1 profit surpasses forecasts and improves prediction for 2024.

Website builder Wix.com’s Q1 profit surpasses forecasts and improves prediction for 2024.

The website builder and operator for small businesses, Wix.com, announced on Monday that its quarterly net profit increased more than anticipated. The company attributed this increase to the success of its new artificial intelligence (AI) and Studio products, which allow for the creation of sophisticated websites.

After deducting one-time expenses, the Israeli company reported earnings of $1.29 per diluted share, up from 91 cents per share the previous year. The revenue for the quarter ending in March increased by 12% to $420 million.

According to LSEG statistics, analysts anticipated Wix to make $1.05 per share on $418 million in revenue, excluding one-time items.

With an annual growth potential of up to 13%, Wix increased its full-year sales projection to $1.738–$1.761 billion. Revenue growth of 11–12%, or $431–$435 million, is anticipated for the second quarter.

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