Why Wix.com Stock Crumbled 22% Today
Shares of Wix.com (NASDAQ: WIX) took a hard fall on Wednesday, Nov. 19. The Tel Aviv-based company, which provides software-as-a-service (SaaS) tools for modern web development, reported Q3 earnings early in the morning. The results exceeded Wall Street's expectations, but investors weren't buying it. The stock was down by 21.7% around 2:30 p.m. ET.
There wasn't much wrong with Wix's headline figures. Q3 revenue rose 14% year-over-year to $505.2 million. Adjusted earnings jumped from $1.50 to $1.68 per diluted share. Your average analyst would have settled for earnings near $1.46 per share on revenues in the neighborhood of $502.5 million.
Management also raised its full-year revenue and order bookings guidance by about $10 million each. That's a drop in the $2.0 billion bucket (for both metrics) but still a positive move.
Source Fool.com
