WIX - Why Wix.com Stock Jumped Today
2024-02-21 11:20:29 ET
Shares of website building company Wix.com (NASDAQ: WIX) jumped on Wednesday after the company reported completed financial results for 2023. The company just capped off a good year that was better than what investors expected. That's why Wix stock was up about 9% as of 10 a.m. ET.
Wix generated record revenue of almost $1.6 billion in 2023, which was up 13% year over year. But I think the market is more impressed with its free cash flow of $182 million, which was nearly a 12% margin -- its highest in a few years.
Despite its lackluster stock performance in recent years, Wix has continued setting revenue records. Moreover, most of its operating expenses have climbed at the same pace as revenue over the last five years except for one: sales and marketing. In 2023 alone, sales and marketing expenses came down 19% year over year, helping profits improve.
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Why Wix.com Stock Jumped Today