Shares of Wix.com (NASDAQ: WIX) fell 17% on Wednesday, following the release of the website builder's first-quarter results.
Wix's revenue rose 41% year over year to $304.1 million. The gains were fueled by a 28% increase in creative subscriptions revenue, to $226.4 million, and a 97% surge in business solutions revenue, to $77.7 million.
"Wix is taking a leading role in facilitating the global shift online and changing the way web presences are built," CEO Avishai Abrahami said in a press release. "We strive to be a horizontal platform that offers the best solution for any type of user and any type of business to not only create but also grow and succeed online."
For further details see:
Why Wix Stock Plunged Today