Wix.com (WIX) saw pre-market gains following its robust fourth-quarter performance. The SaaS website builder platform reported a total revenue of $404 million, a 14% increase year-over-year, surpassing consensus estimates. Adjusted earnings stood at $1.22 per diluted share, outperforming Street expectations of $0.96 per share.
For FY24, Wix.com anticipates total bookings to reach $1.78 billion to $1.81 billion, representing a 12 to 14% YoY increase, with total revenues expected to range between $1.73 billion and $1.76 billion. Q1 projections include revenues of $415 million to $419 million and an adjusted gross margin between 68% and 69%.
Analysts maintain a Strong Buy consensus rating on Wix.com, supported by 13 Buy ratings and one Hold. Over the past year, WIX has surged by over 50%, with an average price target of $137.62, indicating a potential upside of 9.8%. However, analysts anticipate adjustments to estimates following the latest earnings report.
