Wix.com (NASDAQ:WIX) leaped during early market action Wednesday after its third quarter 2024 financial results eclipsed expectations.

Shares are trading at their highest value since September 2021 and have more than doubled over the past year.

Wix, which offers a website builder platform, increased its full-year 2024 revenue forecast and indicated this momentum will continue into 2025. Management also indicated it is gaining traction with its artificial intelligence-powered tools.

"Our AI onboarding process, which includes AI Website Builder, has enabled users to build the websites of their dreams more efficiently than ever before – resulting in a 13% uplift in conversion rate according to tests in the most recent Self Creator cohort," said Wix CEO and co-founder Avishai Abrahami. "We are also beginning to see early benefits from our growing suite of AI business assistants, including better conversion and improved Care efficiency. While these results are impressive, I am most excited for the new products still on the horizon."

Wix increased it full-year 2024 revenue outlook to range from $1.757B to $1.764B, which is completely above the consensus estimate of $1.756B. Prior guidance ranged from $1.747B to $1.761B.

Wix expects fourth quarter 2024 revenue to range from $457M to $464M. The mid-point of $460.5M lands above the estimate of $457.1M.

Analysts appeared impressed with the results and outlook, as Jefferies reiterated its Buy rating and increased its price target to $225 from $185.

"There was strength in both Self-Creators and Partners segments," said Jefferies analysts, led by Brent Thill, in a Wednesday note. "Management continues to expect FY25 revenue to accelerate on strong bookings and for margins to expand."

Wix also plans to launch directly monetized AI products in the coming months, which look to be focused on e-commerce, customer relationship management and content creation.

"Wix would be one of handful companies to attempt to charge directly for AI features or modules instead of indirectly driving up-sells to higher-end SKUs," Thill added. "The revenue ramp has been gradual for most vendors."

Wix competitor GoDaddy (NYSE:GDDY) was relatively flat during early market action on Wednesday.