Wix.com Rises In Pre-market On Better-than-expected Quarterly Results, Increased Outlook

(RTTNews) - Shares of cloud-based web development platform Wix.com Ltd. (WIX) were rising more than 10 percent in pre-market on Monday to $150.00 after reporting a profit for the first quarter compared to loss in the year-ago period. The company also raised its full-year revenue outlook.

Wix posted net income of $24.0 million or $0.41 per share for the first quarter, compared with net loss $10.37 million or $0.18 per share in the previous-year quarter.

Excluding one-time items, earnings were $77.3 million or $1.29 per share, that beat the Thomson-Reuters average estimate of $1.03 per share.

Revenue for the quarter grew 12 percent year-on-year to $419.78 million. The Street was looking for revenues of $417.84 million for the quarter.

For the full year, the company now expects revenue in the range of $1.738 billion to $1.761 billion, up from the previous outlook of $1.726 billion to $1.757 billion. The consensus estimate stands at $1.75 billion.

Wix shares had closed at $135.68, up 0.35 percent on Friday. The stock has traded in the range of $73.39 - $146.21 in the last 52 weeks.