JERUSALEM (Reuters) – Wix.com, which helps small businesses build and operate websites, on Wednesday said it swung to a net profit in the first quarter, boosted by growth in subscription revenue.
The Israeli company said it had earned 91 cents per share excluding one-time items, compared with a loss of 72 cents per share a year earlier. Revenue grew 10% to $374.1 million.
Wix was forecast to earn 14 cents excluding one-time items, on revenue of $369 million, according to Refinitiv I/B/E/S data.
It projects second-quarter revenue of $380 million to $385 million for annual growth of as much as 12%.
Citing an “outperformance in Q1,” Wix raised its full year 2023 revenue estimate to $1.522 billion to $1.543 billion – growth of 10-11% – from $1.51 billion to $1.535 billion.
(Reporting by Steven Scheer; Editing by Ari Rabinovitch)