What happened
Shares of Wix.com (WIX 9.28%), a website building platform, popped this morning after the company reported better-than-expected top- and bottom-line results.
Investors have pushed the tech stock up by 7.4% as of 10:30 a.m. ET.
So what
Wix reported a non-GAAP (adjusted) loss per share of $0.14 in the second quarter, which was an improvement from a loss of $0.28 in the year-ago quarter and better than Wall Street's consensus estimate of a loss of $0.34.
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The company's second-quarter sales of $345.2 million -- a 9% year-over-year increase -- were also ahead of analysts' average estimate of $344.4 million for the quarter.
Wix's CEO, Avishai Abrahami, said in a press release that despite the macroeconomic environment, the company is "focused on what is under our control -- driving operational efficiencies to accelerate our path to profitability."
Other highlights from the quarter include Wix's total bookings increasing 3% year over year to $354.6 million and the company's partner revenue climbing 31% from the year-ago quarter to $84.9 million.
NASDAQ: WIX
Key Data Points
Now what
While Wix's second-quarter results were solid, the company cut its full-year revenue forecast. Management now expects sales growth for 2022 to be in the range of 8% to 10%, which is down from the previous growth forecast of 10% to 13%.
Despite the revenue guidance cut, investors were clearly happy with Wix's revenue growth in the quarter and the fact that the company's losses are narrowing.
