Wix shares dip following earnings note

Firm faces headwinds and major loss on Monday.com equity.

A picture of a stock chart with red and green blocks and the words "earnings note", with the Wix.com logo

Shares in website building platform Wix (NASDAQ: WIX) were off over 3% this morning following the firm noted earnings.

The firm noted total revenue in Q1 2022 of $341.6 million, up 14% year over year. That was within the firm’s guidance of $338-$343 million. Total bookings (sales) were up 12% year over year.

Wix lost $(227.3) million in the quarter, and regarding $116 million of that was unrealized losses from equity investments. Most of this was due to a decrease in the share price of Monday.com (NASDAQ: MNDY).

The firm stated it continues to “experience a high level of volatility” in the business. For Q2, it expects revenue of $342-$346 million, up 8%-10% year over year. It stated if it weren’t for closing down its Russian business and exchange rates, it would have expected growth of 10%-11%.

For the full year, the firm expects revenue growth will be 10%-13%.

The firm is taking steps to cuts costs.

Also on the wire