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Website creator Wix.com fourth-quarter loss less than forecast

·1-min read
Employees work at website-designer firm Wix.com offices in Tel Aviv

JERUSALEM (Reuters) - Wix.com, which helps small businesses build and operate websites, swung to a loss in the fourth quarter but revenue jumped on strong demand by businesses to strengthen their online presence.

The Israeli company on Wednesday reported a quarterly net loss excluding one-time items of 3 cents per share, compared with a profit of 39 cents per share a year earlier. Revenue grew 38% to $282.5 million, while research and development and other expenses rose sharply.

Analysts had forecast Wix would lose 11 cents a share ex-items on revenue of $270.2 million, according to I/B/E/S data from Refinitiv.

Watch: Wix.com Slumps On Sales Outlook

For all of 2020, Wix posted revenue of nearly $1 billion.

"It is clear that we can now become a dominant player on the internet, and I expect us to strengthen this position significantly over the coming decade," said CEO Avishai Abrahami. "My goal and belief is that at this rate of growth, in the next 5-7 years, 50% of anything new built on the internet will be done on Wix."

For the first quarter Wix estimated revenue of $291-$296 million, up 35%-37% from a year earlier. Analysts are forecasting Wix will post revenue of $287.5 million in the January-March period.

For all of 2021, it expects 29-30% growth in revenue to $1.272-$$1.286 million.

Watch: How to prevent getting into debt

(Reporting by Steven Scheer)