Web Creator Wix Revenue Jumps To Almost $1B As Virus Sends Firms Online

This article was first published by The Times of Israel and is re-posted with permission.

Wix.com, an Israeli firm that helps small businesses build and operate websites, said Wednesday that it had posted a “phenomenal year,” with 2020 revenue jumping 30 percent as enterprises turned online to survive amid the coronavirus pandemic social distancing restrictions.

The Tel Aviv-based company said that revenue for the full year came in at $989 million. Fourth-quarter revenue was $283 million, up 38% year on year, the company said. Losses widened, however, as research and development costs and other expenses rose.

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The net loss for full year 2020 was $217 million compared to a net loss of $86 million in 2019. For the quarter, the net loss came in at some $63 million, compared to a net loss of $22 million for the fourth quarter of 2019.

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