UPDATE: Wix.com Posts Narrower-Than-Expected Q1 Loss, Lifts Outlook

Israel's Wix.com WIX reported a narrower first-quarter loss and lifted its outlook for the year. Wix posted a GAAP net loss of $14.9 million, or $0.40 per share, versus a year-ago net loss of $4.9 million, or $0.83 per share. Its loss, excluding one-time items, came in at $0.30 per share, versus a year-ago loss of $0.76 per share. Its revenue climbed 86% to $28.8 million from $15.5 million. However, analysts were projecting a loss of $0.36 per share on revenue of $26.9 million. Wix added 118,000 premium subscriptions in the first quarter. As of March 31, it also added over 4 million new registered users to reach around 46.2 million. The company's press release offered the following comment from Avishai Abrahami, Chairman, CEO and Co-Founder of Wix: "The significant growth in our collections, revenues and subscriptions during the first quarter highlights the strength of our comprehensive web development technology, which is being rapidly adopted." The company lifted its full-year revenue outlook to $130 to $133 million, versus its earlier outlook of $127 to $130 million. It also projects adjusted loss before interest, tax, depreciation and amortisation of $38 million to $42 million. Analysts expected 2014 revenue of $129.1 million. Wix shares gained 5.51% to close at $17.43 yesterday.