Why Wix Shares Are Trading Higher Today

Wix.com WIX shares are trading higher on Wednesday after the company reported better-than-expected Q4 adjusted EPS and sales results and issued guidance.

Wix reported quarterly earnings of $0.61 per share which beat the analyst consensus estimate of $0.09 per share. The company reported quarterly sales of $355.04 million which beat the analyst consensus estimate of $351.98 million.

"In the face of a dynamic macroeconomic environment this year, we shifted our focus toward tightening spending and becoming more efficient in the execution of our priorities. Through all of this, we continued to lead through innovation. We released hundreds of new products and features throughout 2022 to improve our platform for self creators and partners. Among the most notable releases this year were Wix Blocks for developers, our new Wix Editor, Wix Portfolio and our new AI Text Creator," said Avishai Abrahami, Wix co-founder and CEO.

Wix expects Q1 revenue of $367 million to $371 million and FY23 revenue of $1.510 billion to $1.535 billion.

"Our focus in 2023 will continue to be on driving cost efficiencies across the business while innovating industry-first products for our users. As a result of the $50 million of incremental cost savings expected in 2023, we anticipate profitability to accelerate compared to the three-year plan outlined at our Analyst Day in May 2022," the company said.

Wix operates a platform to create, manage and grow a digital presence.

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WIX Price Action: Wix has a 52-week high of $111.35 and a 52-week low of $53.12.

Wix shares are up 14.3% at $92.39 at the time of publication, according to Benzinga Pro.

Photo: StartupStockPhotos from Pixabay.