Wix.com (WIX) saw its loss narrow to $9.64 million, or $0.23 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $11.72 million, or $0.30 a share. On the other hand, adjusted net loss for the quarter narrowed to $1.57 million, or $0.04 a share from a loss of $6.09 million or $0.15 a share, a year ago.
Revenue during the quarter surged 41.11 percent to $75.61 million from $53.58 million in the previous year period. Gross margin for the quarter expanded 252 basis points over the previous year period to 85.42 percent. Operating margin for the quarter stood at negative 11.95 percent as compared to a negative 19.35 percent for the previous year period.
Operating loss for the quarter was $9.03 million, compared with an operating loss of $10.37 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.36 million compared with $4.69 million in the prior year period. At the same time, adjusted EBITDA margin improved 628 basis points in the quarter to 15.03 percent from 8.75 percent in the last year period.
We delivered another quarter of outstanding financial results as our commitment to delivering the most comprehensive OS for small businesses continues to drive exceptional growth," said Avishai Abrahami, co-founder and chief executive officer of Wix. "Business owners coming to Wix continue to be amazed by the deep functionality of our platform and new products that enhance the value proposition of our ecosystem and strengthen our technology leadership. The initial engagement with Wix ADI, our most ambitious new product to date, has been very positive with growth in the number of new websites created and an increase in the adoption of our vertical applications. We remain very excited about the future of Wix ADI as we continue to expand this product in functionality and add languages globally."
For the fourth-quarter, Wix.com forecasts revenue to be in the range of $81 million to $82 million.
For fiscal year 2016, Wix.com forecasts revenue to be in the range of $81 million to $82 million.
Operating cash flow improves significantlyWix.com has generated cash of $20.86 million from operating activities during the nine month period, up 83.71 percent or $9.51 million, when compared with the last year period. The company has spent $17.28 million cash to meet investing activities during the nine month period as against cash outgo of $16.47 million in the last year period.
Cash flow from financing activities was $15.14 million for the nine month period, up 184.16 percent or $9.81 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $57.95 million as at Sep. 30, 2016.
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