The global market for Website Builders is projected to grow 8% annually to $2.62 billion by 2027. Israel-based Wix.com (Nasdaq:WIX), a leading player in the market, is helping deliver vertical-focused offerings to several businesses.

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Wix’s Financials

Wix’s third-quarter revenues grew 26% to $321 million, surpassing the market’s estimates of $314.8 million. Non GAAP net loss of $0.21 per share was better than the market’s forecast of a loss of $0.43 per share.

By segment, revenues from creative subscriptions grew 19% to $320.8 million. Business Solutions revenues grew 55% to $79.5 million. Among key metrics, Creative Subscriptions ARR grew 18% to $992.3 million.

For the fourth quarter, Wix expects revenues of $324-$333 million, while the market forecast revenues of $328.4 million. For the year, Wix expects revenues of $1.265-$1.274 billion, versus an analyst forecast of $1.26 billion.

Wix’s Product Expansion

Recently, Wix announced several enhancements to Wix Fit, its platform created solely to support personal trainers, gyms, and multi-location studios. The platform includes touchpoints required by fitness professionals to keep up with a changing industry, boost productivity, and make clients feel their best. It has tools that allow trainers to manage classes and calendars from one dashboard, accept online bookings, and receive payments through providers like Wix Payments. The platform also enables online workout challenges, live streaming for virtual sessions, the selling or renting of video on demand, all of which can be bundled in packages or memberships.

Today, Wix already serves over 100,000 fitness professionals worldwide. Wix Fit was originally launched in 2019, and Wix has continued to develop the platform to keep pace with the current demand for a hybrid fitness model. 44% of Wix Fit businesses are currently either hybrid or completely virtual.

Earlier this summer, Wix also announced the launch of Branded App by Wix, a native mobile app builder which provides users with the ability to create and customize their own tailor-made apps without requiring coding capabilities. The service allows business owners to create a holistic brand experience with a customized website, a domain name, and a native mobile app. Users will be able to create and design their own native mobile apps with features such as customized app icons, product pages, booking services, forums and groups, chat functions, blogs, and push notifications. Analysts expect that the service’s no-code feature will also help Wix expand in international markets.

Its stock is trading at $159.55 with a market capitalization of $9.08 billion. It hit a 52-week high of $362.07 in February. Earlier this month, it fell to a 52-week low of $159.65.