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Here's What to Expect Ahead of Wix's (WIX) Q3 Earnings Release
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Wix.com Ltd (WIX - Free Report) is slated to report third-quarter 2022 results on Nov 10.
For the third quarter, the company expects revenues between $341 million and $345 million, suggesting 7-8% growth from the prior-year quarter's reported figure. The Zacks Consensus Estimate for revenues is pegged at $343.2 million, suggesting an increase of 7% from the prior-year quarter’s reported level.
The Zacks Consensus Estimate for the bottom line is pegged at a loss of 7 cents per share. The company reported a loss of 21 cents per share in the year-ago quarter.
The company’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average surprise being 26.4%.
In the last reported quarter, Wix reported a non-GAAP loss of 14 cents per share. The company reported a loss of 28 cents per share in the previous-year quarter. Total revenues increased 9% year over year to $345.2 million and beat the consensus mark of $343.8 million. On a constant-currency basis, total revenues were $349 million, up 11% year over year.
Let’s see how things have shaped up for the upcoming announcement.
Wix’s third-quarter performance is likely to have benefited from strong bookings growth and an improving user base. The company’s increasing focus on monetizing existing users is likely to have acted as a tailwind.
Wix is expanding the subscriber base with product rollouts and enhancing the existing portfolio of services amid the pandemic-triggered accelerated digitalization. As of Jun 30, registered users were 234 million.
Strengthening momentum across Wix’s Business Solutions, owing to the growing adoption of G-Suite and Wix Payments, is expected to have driven growth in the segment’s top line in the to-be-reported quarter.
In September 2022, the company rolled out its new Wix Portfolio, which enables professional users and students to customize and develop an online portfolio to showcase and grow their business. Wix Portfolio enables its customers to concentrate more on their vision instead of the web designing process. In July 2022, Wix launched Wix Editor, which integrates with the Wix Artificial Design Intelligence and the existing Wix Editor to provide users with simplified complex design capabilities. Users can now leverage the improved design possibilities to turn their web creation visions into realities. The healthy adoption of new products is likely to have driven the top-line performance in the third quarter.
Also, Wix’s increasing traction among B2B businesses is likely to have driven its subscription growth in the to-be-reported quarter. Synergies from recent acquisitions of Modalyst, Rise, ai and SpeedETab are likely to have contributed to the top-line performance.
The exit from Russia, forex volatility and weakness in global macroeconomic conditions are likely to have dented the company’s performance. Higher product development and marketing investments amid increasing competition from other cloud-based software and payment platforms are likely to have exerted pressure on the company’s margins in the third quarter. Focus on small and medium-sized businesses that have been hit hard by the pandemic is an added concern.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Wix this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
Wix has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some stocks you may consider as our model shows that these have the right combination of elements to beat earnings this season.
The Zacks Consensus Estimate for CYCC’s to-be-reported quarter’s earnings is pegged at a loss of 55 cents per share. Shares of CYCC have soared 77.6% in the past year.
The Trade Desk, Inc (TTD - Free Report) presently has an Earnings ESP of +2.13% and a Zacks Rank of 2. The Trade Desk is set to announce quarterly figures on Nov 9.
The Zacks Consensus Estimate for TTD’s to-be-reported quarter’s earnings and revenues is pegged at 24 cents per share and $385.8 million, respectively. TTD surpassed earnings estimates in the preceding three out of four quarters, with the average surprise being 21%. Shares of TTD have lost 47.9% in the past year.
Cisco (CSCO - Free Report) has an Earnings ESP of +1.46% and a Zacks Rank #3 currently. CSCO is slated to release quarterly numbers on Nov 16.
The Zacks Consensus Estimate for CSCO to-be-reported quarter’s earnings and revenues is pegged at 84 cents per share and $13.32 billion, respectively. Cisco surpassed earnings estimates in all the preceding four quarters, with the average surprise being 1.8%. Shares of CSCO have lost 21.9% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Here's What to Expect Ahead of Wix's (WIX) Q3 Earnings Release
Wix.com Ltd (WIX - Free Report) is slated to report third-quarter 2022 results on Nov 10.
For the third quarter, the company expects revenues between $341 million and $345 million, suggesting 7-8% growth from the prior-year quarter's reported figure. The Zacks Consensus Estimate for revenues is pegged at $343.2 million, suggesting an increase of 7% from the prior-year quarter’s reported level.
The Zacks Consensus Estimate for the bottom line is pegged at a loss of 7 cents per share. The company reported a loss of 21 cents per share in the year-ago quarter.
The company’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average surprise being 26.4%.
In the last reported quarter, Wix reported a non-GAAP loss of 14 cents per share. The company reported a loss of 28 cents per share in the previous-year quarter. Total revenues increased 9% year over year to $345.2 million and beat the consensus mark of $343.8 million. On a constant-currency basis, total revenues were $349 million, up 11% year over year.
Let’s see how things have shaped up for the upcoming announcement.
Wix.com Ltd. Price and EPS Surprise
Wix.com Ltd. price-eps-surprise | Wix.com Ltd. Quote
Factors to Consider
Wix’s third-quarter performance is likely to have benefited from strong bookings growth and an improving user base. The company’s increasing focus on monetizing existing users is likely to have acted as a tailwind.
Wix is expanding the subscriber base with product rollouts and enhancing the existing portfolio of services amid the pandemic-triggered accelerated digitalization. As of Jun 30, registered users were 234 million.
Strengthening momentum across Wix’s Business Solutions, owing to the growing adoption of G-Suite and Wix Payments, is expected to have driven growth in the segment’s top line in the to-be-reported quarter.
In September 2022, the company rolled out its new Wix Portfolio, which enables professional users and students to customize and develop an online portfolio to showcase and grow their business. Wix Portfolio enables its customers to concentrate more on their vision instead of the web designing process. In July 2022, Wix launched Wix Editor, which integrates with the Wix Artificial Design Intelligence and the existing Wix Editor to provide users with simplified complex design capabilities. Users can now leverage the improved design possibilities to turn their web creation visions into realities. The healthy adoption of new products is likely to have driven the top-line performance in the third quarter.
Also, Wix’s increasing traction among B2B businesses is likely to have driven its subscription growth in the to-be-reported quarter. Synergies from recent acquisitions of Modalyst, Rise, ai and SpeedETab are likely to have contributed to the top-line performance.
The exit from Russia, forex volatility and weakness in global macroeconomic conditions are likely to have dented the company’s performance. Higher product development and marketing investments amid increasing competition from other cloud-based software and payment platforms are likely to have exerted pressure on the company’s margins in the third quarter. Focus on small and medium-sized businesses that have been hit hard by the pandemic is an added concern.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Wix this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.
Wix has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some stocks you may consider as our model shows that these have the right combination of elements to beat earnings this season.
Cyclacel Pharmaceuticals, Inc (CYCC - Free Report) has an Earnings ESP of +20.00% and a Zacks Rank #1 currently. Cyclacel Pharmaceuticals is scheduled to report earnings results on Nov 9. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CYCC’s to-be-reported quarter’s earnings is pegged at a loss of 55 cents per share. Shares of CYCC have soared 77.6% in the past year.
The Trade Desk, Inc (TTD - Free Report) presently has an Earnings ESP of +2.13% and a Zacks Rank of 2. The Trade Desk is set to announce quarterly figures on Nov 9.
The Zacks Consensus Estimate for TTD’s to-be-reported quarter’s earnings and revenues is pegged at 24 cents per share and $385.8 million, respectively. TTD surpassed earnings estimates in the preceding three out of four quarters, with the average surprise being 21%. Shares of TTD have lost 47.9% in the past year.
Cisco (CSCO - Free Report) has an Earnings ESP of +1.46% and a Zacks Rank #3 currently. CSCO is slated to release quarterly numbers on Nov 16.
The Zacks Consensus Estimate for CSCO to-be-reported quarter’s earnings and revenues is pegged at 84 cents per share and $13.32 billion, respectively. Cisco surpassed earnings estimates in all the preceding four quarters, with the average surprise being 1.8%. Shares of CSCO have lost 21.9% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.