Israeli website building platform company Wix.com Inc. (NASDAQ: wicks) had sales of $445 million in the third quarter of 2024, an increase of 12.9% from the corresponding quarter in 2023, and non-GAAP net income of $89.3 million ($1.50 per share) from the corresponding quarter. reported a 37% increase. GAAP net income was $26.8 million, nearly four times the corresponding quarter.
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The company, run by co-founder and CEO Abishai Abrahami, also raised its 2024 outlook, with annual sales in 2024 expected to rise 13% from 2023 to 1.757 billion to 1.7 billion. The current forecast is $64 million, an increase from the previous forecast of $1,747 million to $1,761 million. Wix expects to see revenue growth of 13% to 15% in the fourth quarter of 2024 compared to the corresponding quarter of 2023. Wix also expects to generate free cash flow of $483 million to $488 million, which is above previous expectations.
Wix allows users to easily build their own websites, and its customers include small businesses and professionals who build websites for others. “Two and a half years ago, we set a goal of higher and clearer profitability, and we have clearly achieved that goal,” Nir Zohar, president of Wix, told reporters today. The third quarter is an example of this. After many challenges over the years, many of which are due to the global economy, we have focused on a new acceleration in the growth rate. Although the environment is not so easy, we are succeeding. Masu.”
Zohar said that at a time when small and medium-sized businesses around the world are struggling, one of the things that is keeping the company moving forward is doing business with professional partners who use Wix.
Lior Shemesh, Wix’s chief financial officer, said the third quarter’s growth acceleration was critical and allowed the company to increase its cash flow even though its cost structure remained unchanged. “As a result of the innovations and new products we have announced, activity in these two areas is expected to see accelerated growth in the coming years.”
The stock price has risen 50% since the beginning of the year.
Before today’s start of trading on the Nasdaq, Wix stock had risen 49.5% since the beginning of 2024. The stock is now up 13.4% after the release of its third quarter results, giving it a market capitalization of $11.466 billion.
Published by Globes, Israel Business News – en.globes.co.il – on November 20, 2024.
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