Shares of the Israeli software company, Wix.com (NASDAQ: WIX) are down after the company swung to a profit in Q1 with adjusted earnings of $0.91 per share versus an adjusted loss of $0.72 per share in the same period last year and above consensus estimates of $0.14 per share.
The company’s total revenues went up by 10% year-over-year to $374.1 million, exceeding Street estimates of $369.4 million.
Looking forward, the management sees “signs of a modest recovery in the macroeconomic conditions [and] remain cautious going forward.” Wix.com has projected its Q2 revenues to rise between 10% and 12% year-over-year to be in the range of $380 million to $385 million.
Due to the strong performance in Q1, the company raised its FY23 outlook and now expects revenues between $1.52 billion and $1.543 billion versus its prior guidance in the range of $1.51 billion to $1.535 billion.
Analysts are bullish about WIX stock with a Strong Buy consensus rating based on 11 Buys and three Holds.
