- Oops!Something went wrong.Please try again later.
JERUSALEM, Nov 12 (Reuters) - Wix.com, which helps small businesses build and operate websites, swung to a loss in the third quarter but revenue jumped on strong demand by businesses to boost their online presence.
The Israeli company on Thursday reported a quarterly net loss excluding one-time items of 14 cents per share, compared with a profit of 41 cents per share a year earlier. Revenue grew 29% to $254.2 million.
Analysts had forecast Wix would lose 15 cents a share ex-items on revenue of $249.9 million, according to I/B/E/S data from Refinitiv.
"Users that joined Wix during the third quarter purchased subscriptions at higher rates than we have seen in several years and at higher prices," said chief financial officer Lior Shemesh. "This significant growth in new users ... positions us well to drive growth in 2021 and beyond."
For the fourth quarter Wix estimated revenue of $266-$271 million, up 30%-32% from a year earlier. Analysts are forecasting Wix will post revenue of $265.7 million in the October-December period.
For all of 2020, it expects 28% growth in revenue to $972 million to $977 million. (Reporting by Steven Scheer Editing by Ari Rabinovitch)