Salem Radio Network News Sunday, July 3, 2022


Website creator Q1 loss widens, revenue grows

JERUSALEM (Reuters) –, which helps small businesses build and operate websites, reported a wider-than-expected quarterly loss, but said its businesses were showing steady growth despite ongoing volatility and uncertainty.

The Israeli company said on Monday it lost 72 cents per share excluding one-time items, compared with a loss 56 cents a year earlier.

Revenue grew 14% to $342 million. “Volatility and uncertainty remain elevated creating headwinds to overall revenue growth,” Chief Financial Officer Lior Shemesh said.

Wix, whose shares have slid 55% so far in 2022, projected revenue growth of 10-13% in 2022 as long as the macro environment does not deteriorate further.

It seeks to achieve a free cash flow margin of 20% by 2025.

For the second quarter, Wix estimated revenue of $342-$346 million, representing annual growth of 8-10% but below analysts’ forecasts of $356 million.

Wix said the forecast included a negative impact of closing operations in Russia and certain regions of Ukraine as well as foreign exchange effects.

(Reporting by Steven Scheer; editing by Jason Neely)


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