Website creator Q1 profit tops estimates, raises 2024 outlook

Employees work at website-designer firm offices in Tel Aviv

JERUSALEM (Reuters) -, which helps small businesses build and operate websites, reported on Monday a higher-than-expected rise in quarterly net profit, boosted by its new artificial intelligence (AI) and Studio products for designing advanced websites.

The Israeli company posted earnings of $1.29 per diluted share, excluding one-time items, compared with 91 cents per share a year earlier. Revenue for the January-March quarter grew 12% to $420 million.

Analysts expected Wix to earn $1.05 per share excluding one-time items on revenue of $418 million, LSEG data showed.

Wix raised its full year revenue outlook to $1.738-$1.761 billion, for annual growth of up to 13%. It expects second-quarter revenue of $431-$435 million, up 11-12%.

(Reporting by Steven Scheer, Editing by Louise Heavens)