Wix stock surged Monday after the provider of website creation services reported first quarter profit and revenue that topped estimates. The company raised its full-year revenue outlook.
The Israel-based company said Q1 profit rose 42% to $1.29 a share, topping estimate of $1.05 per share. Revenue climbed 12% to $420 million, topping estimates of $418 million.
The company said it's in the process of authorizing a new $225 million buyback of Wix stock.
On the stock market today, Wix stock jumped 23.8% to close at 168.02.
Heading into the Wix earnings report, the company owned an entry point of 146.21 from a cup base. Shares soared past a 5% buy zone on Monday.
Wix Stock: Bookings Beat
Wix raised its full year revenue outlook to a range of $1.738 billion to $1.761 billion, or 13% growth.
Q1 bookings came in at $457.3 million, above estimates of $453.4 million.
"Q1 bookings beat street by $6 million," said Jefferies analyst Brent Thill in a report. "Fiscal 2024 bookings guidance was raised by $13 million at the midpoint to 12% to 14% growth."
Wix's website design and hosting services compete with GoDaddy.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
