Software as a service (SaaS) website builder platform Wix.com (NASDAQ:WIX) gained in pre-market trading after reporting strong fourth-quarter results. The company posted total revenue of $404 million in the fourth quarter, an increase of 14% year-over-year and above consensus estimates of $402.6 million.
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Wix reported adjusted earnings of $1.22 per diluted share in Q4 compared to earnings of $0.61 per share in the same period last year. This surpassed Street estimates of $0.96 per share.
For FY24, the company expects total bookings in the range of $1.78 billion to $1.81 billion, up by 12 to 14% year-over-year, while total revenues will likely be between $1.73 billion and $1.76 billion. For the first quarter, the firm projects revenues of $415 million to $419 million, with an adjusted gross margin between 68% and 69%.
What Is the Target Price for WIX Stock?
Analysts remain bullish about Wix.com with a Strong Buy consensus rating based on 13 Buys and one Hold. Over the past year, WIX has gained by more than 50%, and the average WIX price target of $137.62 implies an upside potential of 9.8% at current levels. However, it’s worth noting that estimates will likely change following today’s earnings report.
