Wix.com Ltd. Up 21.91% To $84.75 After Earnings Beat

Wix.Com Ltd (WIX) reported better than expected earnings this morning for Q3 2022.

Wix.com Ltd.’s earnings came in at an EPS of $0.06 per share, 167.00% higher than estimates for an EPS loss of $0.09 per share. The firm’s earnings are up 129% since reporting losses of $0.21 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $345.8 million. That is an increase of 7.80% in revenues from the year-ago report and is 0.72% higher than consensus estimates set at $343.3 million.

The stock is up 21.91% to $84.75 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Wix.com Ltd. a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 47. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Wix.com Ltd is a cloud-based development platform provider for millions of registered users worldwide. The company is engaged in web development and management that provides an easy-to-use powerful cloud-based platform of products through a freemium model. Its core products consist of three web editors: the Wix Editor, intended for users with basic technological skills, Wix ADI, intended for novice users and Corvid, intended for more tech-savvy users. The company’s web development technology is built based on HTML5 and offers HTML5 compatible capabilities, web design and layout tools, domain hosting, and other marketing and workflow management applications and services. The geographic segments include North America, Europe, Latin America, Asia and others.