Israeli Wix.com forecasts 2020 revenue reaching $1 billion


by   |  VIEW 507
Israeli Wix.com forecasts 2020 revenue reaching $1 billion

On Thursday, the 20th of February 2020, Wix.com, the Israeli cloud-based web development platform that allows small business owners to epitomise their businesses online by creating simpler HTML5 websites through its drag and drop tools, headquartered in Tel Aviv-Yafo, had reported a lower-than-anticipated decline in net profits over the fourth quarter of the year that ended on December 31st, 2019, while the Israeli web development platform had also forecasted an ambitious upsurge of 25 per cent in net revenues to roughly $1 billion as the company has been looking to expand further in to the professional web development market.

Besides, according to the Israel-based Wix’s Thursday’s (February 20th) quarterly earnings’ report, the company had scored a net profit of 39 cents per share, down from a prior figure of 42 cents a year earlier, however the company’s net revenue was surged by 19 per cent to $204.6 million.

On top of that, the company was also quoted saying in its fourth quarterly earnings’ report which released on Thursday (February 20th) that the number of its paid subscribers grew by 13 per cent to 4.5 million in the fourth quarter of 2019 on an annualized basis, while the company had added roughly 89,000 premium subscribers between October and December last year.

Besides, although the company had clocked a growth of 16 per cent at its registered users to 165 million compared to the same period a year earlier, NYSE-listed Wix’s shares’ prices dropped as much as 10.19 per cent to $139.42 on Thursday’s (February 20th) after-market trading, while the company had also opened Friday’s (February 21st) market at a downbeat note, trading 2.71 per cent lower to $137.84 in morning US trading hour.