(Wix) Shares of Wix.com Ltd. fell more than 8% in premarket on Monday after posting a GAAP net loss of $227.3 million in the first quarter of 2022. The loss was wider than $62.1 million in the prior year.
Wix said that its revenues came better in the first quarter, jumping 14% from the prior year to $342 million. The revenues represented a two-year CAGR of 27%.
The company reported total bookings of $393 million in the first quarter, an increase of 12% from the prior year. The bookings represented a two-year CAGR of 26%.
Wix now projects revenue of between $342 million and 346 million in the second quarter, reflecting an increase of 8-10% from the previous year. The company said the projection accommodates about a $0.6 million hit from closed activities in Russia.
The company said it adopted a board-approved financial plan to hit 20% free cash flow margins by 2025.
WIX is down -8.70% in premarket.
