TEL AVIV, Israel (AP) _ Wix.com Ltd. (WIX) on Wednesday reported a loss of $121.8 million in its first quarter.
On a per-share basis, the Tel Aviv, Israel-based company said it had a loss of $2.16. Losses, adjusted for one-time gains and costs, came to 54 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 73 cents per share.
The cloud-based web development company posted revenue of $304.1 million in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $295.4 million.
For the current quarter ending in July, Wix.com said it expects revenue in the range of $308 million to $312 million.
The company expects full-year revenue in the range of $1.28 billion to $1.29 billion.
Wix.com shares have increased 16% since the beginning of the year. The stock has risen 75% in the last 12 months.
The Associated Press