Israeli software firm Wix.com Ltd. downgraded its earnings guidance for the full year 2021 due to uncertainties brought about by the COVID-19 pandemic, the company announced in a statement.
- Revenue is now projected between $1.255 to $1.270 billion, versus the earlier announced $1.280 billion to $1.290 billion. Collections are expected between $1.4 billion and $1.435 billion, down from $1.440 billion to $1.460 billion earlier.
- Co-founder and Chief Executive Avishai Abrahami said the business continues to be hit by uncertainties, as clients are unsure of the need to create new online or offline stores, services, and events.
- The company expects third-quarter revenue between $311 million to $317 million, reflecting year-on-year growth of 22% to 25%. Collections for the quarter are projected between $355 million and $265 million.
- Revenue in the second quarter grew 34% year-on-year to $316.4 million. Net income stood at $37.957 million versus the $57.736-million loss in 2020, with diluted earnings per share at $0.60 from the $1.06 loss last year.
Wix also partnered with Vistaprint in an effort to boost the digital presence of small businesses. WIX is down 9.48% premarket.