Wix Beats Q4 Profit Estimates, Projects Up to $2 Billion in 2025 Revenue
Jerusalem, Israel - Wix.com, the popular website builder, announced strong fourth-quarter results, surpassing analysts' profit expectations.
Financial Performance
* Diluted EPS (excluding one-time items): $1.93 (up from $1.22 in Q4 2022)
* Revenue: $460.5 million (14% increase YoY)
Projections for 2025
* Projected revenue: $1.97-$2.0 billion (16% annual growth)
* Q1 2023 revenue expectation: $469-$473 million (13-14% growth)
Growth Drivers
* Price increases
* Artificial intelligence (AI) products
* Studio design suite for advanced website creation
Studio and AI
* Wix emphasized the ongoing success of its Studio platform
* AI integration is contributing to increased conversion rates and usage
Repurchases
* Wix completed a $200 million share repurchase plan in January 2023
* Total share repurchases since August 2023: $725 million
Conclusion
Wix expressed confidence in its growth trajectory, driven by Studio's performance and the benefits of AI. The company projects continued revenue growth and profitability in the coming years.