Web creator Wix revenue jumps to almost $1 billion as virus sends firms online

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(The Times of Israel)

Tel Aviv-based company posts 2020 revenue of $989 million in ‘phenomenal year’; net loss for year widens to $216 million vs net loss of $86 million in 2019 as costs jump

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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