Website builder sees strong sales in 2023 after Q4 profit

Website builder sees strong sales in 2023 after Q4 profit

JERUSALEM (Reuters) –, which helps small businesses build and manage websites, said on Wednesday it swung to a profit in the fourth quarter and forecast revenue growth of 9-11% in 2023.

The Israeli company said it earned 61 cents per share excluding one-time items, compared with a loss of 34 cents per share a year ago. Revenue grew 6% to $355 million and 9% to $1.4 million in 2022.

Wix was forecast to earn 9 cents a share ex-items on $352 million in revenue, according to data from Refinitiv.

“While Internet growth is currently returning to pre-pandemic trendlines, we believe there are still many years of significant expansion ahead,” said CEO Avishai Abrahami.

Wix said it is implementing more cost-saving measures and expects total savings of $200 million in 2023 and $215 million in annual savings.

“Our focus in 2023 will continue to be on driving cost efficiencies across the business,” it said.

For the first quarter, Wix estimated revenue of $367-$371 million, reflecting annual growth of approximately 7-9%, “assuming no deterioration in the macro environment.” It expects revenue of $1.51-$1.535 billion for 2023.

Analysts are projecting first-quarter revenue of $366 million and full-year revenue of $1.511 billion.

(Reporting by Ari Robinovitch; Editing by Steven Scheer)

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