Wix.com (WIX.O), which helps small businesses build and operate websites; reported a smaller-than-expected second-quarter loss and announced a plan to sharply reduce costs by $150 million a year.
The Israeli company said it had lost 14 cents per share excluding one-time items; compared with a loss of 28 cents per share a year earlier. Revenue grew 9% to $345.2 million.
Wix was forecast to lose 34 cents excluding one-time items, on revenue of $344 million, according to Refinitiv I/B/E/S data.
“Despite the current macroeconomic environment, we are on what is under our control; driving operational efficiencies to accelerate our path to profitability while
continuing to execute on growth initiatives,” said chief executive Avishai Abrahami.