5 Stocks in the Limelight After Releasing Their Financial Results

3. Wix.com Ltd. (NASDAQ:WIX)

Number of Hedge Fund Holders: 29

Shares of Wix.com Ltd. (NASDAQ:WIX) fell over six percent on Monday, May 16, 2022, following its mixed financial results for the first quarter. The cloud-based web development company reported a loss of 72 cents per share on an adjusted basis, wider than analysts’ average estimate for a loss of 64 cents per share.

On the positive side, revenue for the quarter rose 14 percent on a year-over-year basis to $341.6 million and surpassed expectations of $340.6 million. Wix.com Ltd. (NASDAQ:WIX) also released its segment-wise sales results. Its creative subscription revenue jumped 13 percent to $255 million, while business solutions revenue climbed 17 percent to $86.6 million in the quarter.

Looking forward, Wix.com Ltd. (NASDAQ:WIX) expects Q2 revenue in the range of $342 -$346 million, representing a growth of 8 – 10 percent over the same quarter of 2021.

Discussing the results, CFO Lior Shemesh said in a statement:

“Volatility and uncertainty remain elevated creating headwinds to overall revenue growth. We are focused on prudent cost management and driving operational efficiencies, from which we are already beginning to see results, and are instating a plan to achieve 20% FCF margins by 2025.”