Wix.com Ltd. (WIX) saw its loss widen to $20.88 million, or $0.47 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $19.91 million, or $0.49 a share. On an adjusted basis, net loss for the quarter was $7.95 million, when compared with $12.23 million in the last year period. Revenue during the quarter surged 50.26 percent to $92.54 million from $61.59 million in the previous year period. Gross margin for the quarter expanded 100 basis points over the previous year period to 83.94 percent. Operating margin for the quarter stood at negative 22.12 percent as compared to a negative 32.10 percent for the previous year period.
Operating loss for the quarter was $20.47 million, compared with an operating loss of $19.77 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $7.54 million compared to operating loss of $12.26 million in prior year period.
"Our growth acceleration continues as we begin 2017 with a very strong first quarter," said Avishai Abrahami, Co-founder and chief executive officer of Wix. "We continued to extend our technology leadership through product innovation, efficiently acquire new subscriptions, and grow our brand globally. Continued investment in our platform resulted in the strongest net premium subscriptions additions in our companys history, and we surpassed the 100 million registered user milestone ��" an amazing achievement. We also launched our newest product Wix Video, a unique and innovative solution that enables our users to display and distribute video in a fully customized way. We continue to execute very well against our strategic priorities and believe the pipeline of innovation planned for 2017 will result in an even more robust product and technology platform."
For the second-quarter, Wix.com Ltd. forecasts revenue to be in the range of $101 million to $102 million. Wix.com Ltd. forecasts revenue to be in the range of $421 million to $423 million for fiscal year 2017.
Operating cash flow turns positiveWix.com Ltd. has generated cash of $16.40 million from operating activities during the quarter as against cash outgo of $0.92 million in the last year period. The company has spent $25.71 million cash to meet investing activities during the quarter as against cash outgo of $3.44 million in the last year period.
Cash flow from financing activities was $7.15 million for the quarter, up 115.30 percent or $3.83 million, when compared with the last year period.
Cash and cash equivalents stood at $90.90 million as on Mar. 31, 2017, up 138.08 percent or $52.72 million from $38.18 million on Mar. 31, 2016.
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