WIX - Why Wix.com Stock Was Down Earlier Wednesday
2023-05-17 14:30:21 ET
Wix.Com (NASDAQ: WIX) reported better-than-expected first-quarter earnings results before the market opened Wednesday. The stock was quite volatile, jumping by as much as 8% in pre-market trading before falling sharply to a decline of 4% in the first half-hour of the session. As of 2:16 p.m. ET, it was essentially flat for the day.
Revenue exceeded expectations while the business swung to a profit. Despite macroeconomic uncertainty, management also guided for more growth and higher margins in 2023 than it had previously forecast.
A lot of new customers used Wix's services to create websites in the early phases of the pandemic, which sent the stock soaring, but it's been downhill since then. The stock has fallen 78% from its mid-2021 peak, and is down by about 33% from where it began 2020. However, the stock has delivered a return of 400% over the last 10 years, and management sees more growth opportunities ahead.
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Why Wix.com Stock Was Down Earlier Wednesday