Israeli website building platform company Wix.com Ltd. (Nasdaq: WIX) reported third-quarter 2024 revenue of $445 million, up 12.9% from the corresponding quarter of 2023, and non-GAAP net income of $89.3 million (1, $50 per share), up 37% from the corresponding quarter. GAAP net income was $26.8 million, nearly four times the corresponding quarter’s amount.
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The company, led by co-founder and CEO Avishai Abrahami, also raised its 2024 guidance and now projects annual revenue of between $1.757 billion and $1.764 billion in 2024, 13% higher than in 2023, and up from previous forecasts of $1.747 billion to $1.761 billion. In the fourth quarter of 2024, Wix expects revenue growth of 13% to 15% compared to the corresponding quarter of 2023. Wix also expects to generate free cash flow of $483 million to $488 million, which is higher than previous forecasts.
Wix makes it easy for users to create their own websites, and its customers include small businesses and professionals who create websites for others. Wix President Nir Zohar told reporters today: “We set a goal two and a half years ago: to achieve higher and clearer profitability. We have clearly achieved this objective, and the third quarter is another example. Over the past year, after many difficulties, many of which came from the global economy, we have focused on further acceleration of the growth rate. The environment is not that easy, but we are getting there.
Zohar said one of the things that keeps the company going at a time when the world’s small businesses are struggling is business relationships with partners – the business layer that uses Wix.
Wix CFO Lior Shemesh said the acceleration in growth in the third quarter was very significant and allowed the company to increase its cash flow while its cost structure remained unchanged. “Thanks to innovation and the new products we have launched, both business segments are poised for accelerated growth in the years to come.”
The stock price is up 50% year to date
Before trading on Nasdaq began today, Wix’s stock price had risen 49.5% since the start of 2024. Following the release of third-quarter results, the stock price is currently up 13.4%, giving a market capitalization of $11.466 billion.
Published by Globes, Israel Business News – fr.globes.co.il – November 20, 2024.
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