Israeli website building platform company WEX.COM LIMITED. (Nasdaq: Weeks) reported revenue of $445 million in the third quarter of 2024, up 12.9% from the corresponding quarter in 2023, and non-GAAP net earnings of $89.3 million ($1.50 per share), up 37% from the quarter. The opposite. GAAP net income was $26.8 million, nearly four times the amount in the corresponding quarter.
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Wix reported strong performance in the second quarter, raising guidance
Wix ends 2023 with its first-ever GAAP net profit
The company, run by co-founder and CEO Avishai Abraham, also raised its 2024 guidance and now expects annual revenue of $1,757-1,764 billion in 2024, 13% higher than 2023, and up from previous guidance of $1,747-1,761. Billion dollars. In the fourth quarter of 2024, Wix expects to see revenue growth of 13%-15% compared to the corresponding quarter of 2023. Wix also expects to generate free cash flow of $483-$488 million, which is higher than previous expectations.
Wix makes it easy for users to create their own websites, and its clients include small businesses and professionals who create websites for others. “We set ourselves a goal two and a half years ago to move to higher and clearer profitability,” Wix President Nir Zohar told reporters today. “We clearly achieved that goal, and the third quarter is another example of that. And last year, after many difficulties, we A lot of it comes from the global economy. We’ve focused on re-accelerating the growth rate. The environment is not that easy, but we are succeeding.
One of the things moving the company forward right now at a time when the world’s small businesses are struggling, Zohar said, is working with partners — the professional class who use Wix.
Lior Shemesh, Wix’s CFO, said the growth acceleration in the third quarter was very significant and allowed the company to increase cash flow while its cost structure remained unchanged. “As a result of the innovation and new products we have released, both sectors of activity are characterized by accelerated growth in the coming years.”
The share price has increased by 50% since the beginning of the year
Prior to the start of trading on the Nasdaq today, Wix’s stock price had risen 49.5% since the start of 2024. Following the publication of Q3 results, the stock price is currently up 13.4%, giving a market cap of $11.466 billion.
Published by Globes, Israel Business News – en.globes.co.il – on November 20, 2024.
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