Wix shares dip after earnings report
Company faces headwinds and major loss on Monday.com equity.
Shares in website building platform Wix (NASDAQ: WIX) were off over 3% this morning after the company reported earnings.
The company reported total revenue in Q1 2022 of $341.6 million, up 14% year over year. That was within the company’s guidance of $338-$343 million. Total bookings (sales) were up 12% year over year.
Wix lost $(227.3) million in the quarter, and about $116 million of that was unrealized losses from equity investments. Most of this was due to a decrease in the share price of Monday.com (NASDAQ: MNDY).
The company said it continues to “experience a high level of volatility” in the business. For Q2, it expects revenue of $342-$346 million, up 8%-10% year over year. It said if it weren’t for closing down its Russian business and exchange rates, it would have expected growth of 10%-11%.
For the full year, the company expects revenue growth will be 10%-13%.
The company is taking steps to cuts costs.
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