July 25, 2018 / 6:44 AM / a year ago

Israel's Wix.com swings to Q2 profit, raises 2018 outlook

JERUSALEM, July 25 (Reuters) - Wix.com, which helps small businesses build and operate websites, swung to a profit in the second quarter on higher revenue and raised its revenue forecast for 2018.

It posted on Wednesday a quarterly profit of 29 cents a share excluding one-time items, compared with a loss of 2 cents a year earlier. Revenue grew 41 percent to $146.1 million.

Analysts had forecast an adjusted profit of 15 cents per share on revenue of $144.7 million, according to Thomson Reuters I/B/E/S.

Israel-based Wix offers free basic features for setting up websites but users must pay for extra services such as shopping carts, individual web addresses and site traffic analysis.

Wix projects 2018 revenue of $597-$599 million, up from a previous estimate of $594-$597 million for a 40-41 percent gain from 2017. Analysts were forecasting 2018 revenue of $596.7 million.

For the third quarter it estimates revenue of $152-$153 million, up 37-38 percent from a year earlier. (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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