By Matt Grossman
Wix.com Ltd. on Wednesday logged a wider loss but growing revenue for the first quarter, as the company cited a rise in conversions of users to subscription plans.
The New York City-based web-development platform posted a net loss of $2.16 a share, steeper compared with a net loss of 76 cents a share in the year-ago quarter. The total net loss was $121.8 million, compared with $39.2 million in 2020's first quarter.
Wix's adjusted loss was 54 cents a share. Analysts polled by FactSet had forecast an adjusted loss of 68 cents a share.
Revenue increased to $304.1 million, from $216 million in the year-ago period. Analysts had estimated sales of $295.4 million.
Creative-subscriptions revenue rose to $226.4 million, a 28% year-over-year increase. Business-solutions revenue nearly doubled to $77.7 million, from $39.4 million a year earlier.
Wix Chief Financial Officer Lior Shemesh said conversions and collections per subscription have both been trending higher.
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(END) Dow Jones Newswires