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WIX Set to Report Q3 Earnings: Here's What You Should Know
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Wix.com Ltd (WIX - Free Report) is slated to report third-quarter 2023 results on Nov 9.
The company expects third-quarter revenues to be between $386 million and $391 million, suggesting 12-13% growth from the prior-year figure. The Zacks Consensus Estimate is pegged at $389.5 million, indicating an increase of 12.6% from a year ago.
The Zacks Consensus Estimate for earnings is pegged at 77 cents per share. The company reported earnings of 6 cents in the year-ago quarter.
WIX’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 319.3%.
Wix’s performance is likely to have been aided by solid momentum in the Creative Subscriptions and Business Solutions segments. The Zacks Consensus estimate for revenues from the Creative Subscriptions and Business Solutions segments is pegged at $291 million and $100 million, respectively.
The company is also likely to have gained from solid bookings growth and an improving user base. At the end of second-quarter 2023, registered users were 254 million. This apart, its focus on converting new users to paid subscribers, coupled with strong customer retention and increasing average revenue per subscription, is anticipated to have boosted third-quarter performance.
Robust uptake of recent product launches like AI Text Creator as well as Wix Editor and other new e-commerce applications are likely to drive its results. AI Text Creator enables Wix Editor users to create, manage and grow their online presence with quality site content.
The company’s cost reduction initiative is expected to have cushioned its margin performance. Also, continued momentum in Partners business is likely to have driven subscription growth in the to-be-reported quarter. WIX expects annual recurring revenues to be driven by incremental subscriptions from the ramping of its Partners business onto its core Self Creators base.
However, uncertainty prevailing over macroeconomic environment, inflation and unfavorable foreign currency movement are likely to have acted as headwinds.
Recent Developments
On Oct 16, 2023, Wix announced that its AI-driven Wix Studio is available to all agencies and freelancers. Wix Studio is designed to aid users in building and managing projects at scale by integrating AI-powered features with the most advanced design and development capabilities, and workflows for multi-site management.
On Oct 3, 2023, Wix and Intuit Mailchimp have joined forces in a long-term bi-lateral strategic partnership. This collaboration aims to enhance user experience and functionality by integrating CRM data, empowering users in marketing activities, driving customer engagement and sales growth.
On Sep 12, 2023, Wix introduced Tap to Pay on Android in collaboration with Stripe, aimed at streamlining in-person transactions for merchants in the United States. Wix merchants can leverage this feature to securely accept contactless payments directly through their Android devices, eliminating the need for additional hardware. The Wix Owner App transforms compatible Android devices into point-of-sale terminals, enabling merchants to conduct in-person transactions conveniently and securely.
What Our Model Says
Our proven model predicts 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 +20.19% and sports a Zacks Rank #1. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few stocks that you may want to consider, as our model shows that these too have the right combination of elements to post an earnings beat this time around.
The Zacks Consensus Estimate for WMT’s to-be-reported quarter’s earnings and revenues is pegged at $1.50 per share and $159.1 billion, respectively. The stock has risen 15.6% in the past year.
The TJX Companies, Inc (TJX - Free Report) has an Earnings ESP of +3.22% and a Zacks Rank #2. TJX is set to post third-quarter of fiscal 2024 results on Nov 15.
The Zacks Consensus Estimate for TJX’s to-be-reported quarter’s earnings and revenues is pegged at 97 cents per share and $13.05 billion, respectively. Shares of TJX have gained 26.2% in the past year.
Ross Stores, Inc (ROST - Free Report) has an Earnings ESP of +2.40% and carries a Zacks Rank #2. ROST is slated to release third-quarter of 2023 numbers on Nov 16.
The Zacks Consensus Estimate for ROST’s to-be-reported quarter’s earnings and revenues is pegged at $1.21 per share and $4.83 billion, respectively. Shares of ROST have increased 30.2% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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WIX Set to Report Q3 Earnings: Here's What You Should Know
Wix.com Ltd (WIX - Free Report) is slated to report third-quarter 2023 results on Nov 9.
The company expects third-quarter revenues to be between $386 million and $391 million, suggesting 12-13% growth from the prior-year figure. The Zacks Consensus Estimate is pegged at $389.5 million, indicating an increase of 12.6% from a year ago.
The Zacks Consensus Estimate for earnings is pegged at 77 cents per share. The company reported earnings of 6 cents in the year-ago quarter.
WIX’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 319.3%.
Wix.com Ltd. Price and EPS Surprise
Wix.com Ltd. price-eps-surprise | Wix.com Ltd. Quote
Factors to Consider
Wix’s performance is likely to have been aided by solid momentum in the Creative Subscriptions and Business Solutions segments. The Zacks Consensus estimate for revenues from the Creative Subscriptions and Business Solutions segments is pegged at $291 million and $100 million, respectively.
The company is also likely to have gained from solid bookings growth and an improving user base. At the end of second-quarter 2023, registered users were 254 million. This apart, its focus on converting new users to paid subscribers, coupled with strong customer retention and increasing average revenue per subscription, is anticipated to have boosted third-quarter performance.
Robust uptake of recent product launches like AI Text Creator as well as Wix Editor and other new e-commerce applications are likely to drive its results. AI Text Creator enables Wix Editor users to create, manage and grow their online presence with quality site content.
The company’s cost reduction initiative is expected to have cushioned its margin performance. Also, continued momentum in Partners business is likely to have driven subscription growth in the to-be-reported quarter. WIX expects annual recurring revenues to be driven by incremental subscriptions from the ramping of its Partners business onto its core Self Creators base.
However, uncertainty prevailing over macroeconomic environment, inflation and unfavorable foreign currency movement are likely to have acted as headwinds.
Recent Developments
On Oct 16, 2023, Wix announced that its AI-driven Wix Studio is available to all agencies and freelancers. Wix Studio is designed to aid users in building and managing projects at scale by integrating AI-powered features with the most advanced design and development capabilities, and workflows for multi-site management.
On Oct 3, 2023, Wix and Intuit Mailchimp have joined forces in a long-term bi-lateral strategic partnership. This collaboration aims to enhance user experience and functionality by integrating CRM data, empowering users in marketing activities, driving customer engagement and sales growth.
On Sep 12, 2023, Wix introduced Tap to Pay on Android in collaboration with Stripe, aimed at streamlining in-person transactions for merchants in the United States. Wix merchants can leverage this feature to securely accept contactless payments directly through their Android devices, eliminating the need for additional hardware. The Wix Owner App transforms compatible Android devices into point-of-sale terminals, enabling merchants to conduct in-person transactions conveniently and securely.
What Our Model Says
Our proven model predicts 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 +20.19% and sports a Zacks Rank #1. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks to Consider
Here are a few stocks that you may want to consider, as our model shows that these too have the right combination of elements to post an earnings beat this time around.
Walmart (WMT - Free Report) has an Earnings ESP of +1.02% and a Zacks Rank #2. WMT is scheduled to report third-quarter of fiscal 2024 earnings on Nov 16. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for WMT’s to-be-reported quarter’s earnings and revenues is pegged at $1.50 per share and $159.1 billion, respectively. The stock has risen 15.6% in the past year.
The TJX Companies, Inc (TJX - Free Report) has an Earnings ESP of +3.22% and a Zacks Rank #2. TJX is set to post third-quarter of fiscal 2024 results on Nov 15.
The Zacks Consensus Estimate for TJX’s to-be-reported quarter’s earnings and revenues is pegged at 97 cents per share and $13.05 billion, respectively. Shares of TJX have gained 26.2% in the past year.
Ross Stores, Inc (ROST - Free Report) has an Earnings ESP of +2.40% and carries a Zacks Rank #2. ROST is slated to release third-quarter of 2023 numbers on Nov 16.
The Zacks Consensus Estimate for ROST’s to-be-reported quarter’s earnings and revenues is pegged at $1.21 per share and $4.83 billion, respectively. Shares of ROST have increased 30.2% in the past year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.