(RTTNews) - Wix.com Ltd. (WIX), a SaaS website builder platform, reported Wednesday that its third-quarter net income surged to $26.78 million, or $0.46 per share from prior year's $6.98 million or $0.12 per share.
Adjusted net income was $89.26 million or $1.50 per share, compared to $65.08 million or $1.10 per share in the previous year.
Analysts on average expected the company to report earnings of $1.43 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Total revenue in the third quarter grew 13 percent to $444.67 million from last year's $393.84 million. The Street was looking for revenues of $443.96 million for the quarter.
Total bookings were $449.8 million, up 16 percent from last year with 15 percent growth in creative Subscriptions bookings. The results were driven by Studio momentum, AI benefits, robust commerce activity and healthy business fundamentals.
Looking ahead, in the fourth quarter, Wix.com projects total revenue of $457 million to $464 million, or 13 percent to 15 percent year-over-year growth. The Street is looking for revenues of $457.13 million for the quarter.
Further, the company lifted its fiscal 2024 outlook to revenues of $1.757 billion to $1.764 billion, or 13 percent increase from last year, compared to previously projected $1.747 billion to $1.761 billion. Analysts project revenues of $1.76 billion for the year.
Full-year bookings outlook has been raised to $1.822 billion to $1.832 billion, or 14 percent to 15 percent year-over-year growth, compared to previous guidance of $1.802 billion to $1.822 billion, or 13 percent to 14 percent growth from last year.
The company said the high end of the updated outlook reflects the expectation that 2H bookings will accelerate to 17 percent, compared to previous guidance of 16 percent, and y/y bookings growth to exit the year at 18 percent.
Adjusted total gross margin is now expected to be around 69 percent, slightly up from the 68-69 percent previously anticipated.
Wix.com said there is ample room for further growth acceleration and continued margin expansion in 2025.
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