(RTTNews) – Wix.com Ltd. (WIX), an Israeli software company, reported that its first quarter net loss widened to $227.3 million or $3.95 per share from $62.1 million or $1.10 per share in the prior year. The latest quarter result included about $116 million of unrealized losses, net of taxes, from our equity investments, primarily attributed to the decrease in share price of monday.com (MNDY).
Quarterly non-GAAP net loss was $41.4 million or $0.72 per share compared to a loss of $31.5 million or $0.56 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.64 per share for the first quarter. Analysts’ estimates typically exclude special items.
Total revenues for the first quarter of 2022 was $341.6 million, up 14% from the prior year. Analysts expected revenue of $340.55 million for the quarter.
The company expects total revenue in the second quarter to be $342 million – $346 million, representing 8% – 10% year-over-year growth. The range takes into account the negative impact of approximately $0.6 million due to the closure of activities in Russia and certain regions of Ukraine and headwinds of approximately $4 million due to year-over-year changes in FX rates. Excluding items, the company would have expected the second quarter revenue to grow 10% – 11% year-over-year.
Looking ahead for the full year 2022, the company projects revenue growth will be 10% – 13% year-over-year. The range includes the negative impact from suspending activities in Russia and certain regions in Ukraine, which the company estimates accounts for approximately $3 million in revenue in 2022, and approximately $20 million in headwinds due to year-over-year changes in FX rates.
Excluding the items, the company’s expectation for revenue growth for the full year would be 12 – 15% year-over-year, assuming no further deterioration in the macro environment.
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