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Israel's Wix.com posts Q3 beat, says business as usual

Economic Times · 1y

Wix.com, an Israeli company assisting small businesses in website building and operation, reported higher-than-expected quarterly net profit. The Israel-Hamas conflict did not significantly impact its business. Earnings were $1.10 per diluted share, compared to 6 cents a year earlier, with a 14% increase in quarterly revenue to $394 million. Wix outperformed analysts' expectations. Despite 5% of its global workforce being called up for reserve duty due to the war, the company managed to mitigate disruptions, maintaining normal services. Wix projected strong revenue growth for the fourth quarter and raised its 2023 revenue estimate. The company's stock rebounded in 2023 after a 51% drop the previous year.