Why Wix Stock Dropped and Then Rallied Today
Shares of Wix.com (NASDAQ: WIX) fell as much as 14.4% before closing the day down only 0.5% on Thursday, following the website development platform's second-quarter results.
Wix's revenue climbed 27% year over year to $236.1 million. The gains were fueled in part by a 62% surge in business solutions revenue, or sales of additional features and applications that are complementary to Wix's core creative subscriptions.
Notably, Wix's premium subscriptions increased by 17% to 5 million, while its total registered user base expanded by 18% to 182 million. "Our business has seen an immense uplift in demand in recent months, driven by the rapidly increasing importance of having an online presence," CFO Lior Shemesh said in a press release.
Source Fool.com
