Wix.com (WIX) Tops Q3 Earnings and Revenue Estimates

Core Viewpoint - Wix.com reported quarterly earnings of $1.50 per share, exceeding the Zacks Consensus Estimate of $1.44 per share, and showing an increase from $1.10 per share a year ago, indicating a strong performance in the cloud-based web development sector [1][2]. Financial Performance - The company achieved revenues of $444.67 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.23% and up from $393.84 million year-over-year [2]. - Over the last four quarters, Wix.com has consistently exceeded consensus EPS estimates and revenue expectations [2]. Stock Performance - Wix.com shares have increased approximately 49.5% since the beginning of the year, significantly outperforming the S&P 500's gain of 24.1% [4]. - The current consensus EPS estimate for the upcoming quarter is $1.52, with projected revenues of $456.64 million, and for the current fiscal year, the EPS estimate is $5.85 on revenues of $1.76 billion [8]. Industry Outlook - The Computers - IT Services industry, to which Wix.com belongs, is currently ranked in the top 19% of over 250 Zacks industries, suggesting a favorable environment for stock performance [9]. - The correlation between near-term stock movements and earnings estimate revisions is noted, indicating that investors should monitor these revisions closely [6].