Why Wix.com Stock Dove by 16% Today
Wix.com (NASDAQ: WIX) didn't come close to surmounting the hump of hump day. Following its release on Wednesday of quarterly results that disappointed many market players, the DIY website creation specialist's stock price fell by a queasy 16%. Although it was a gloomy day for stocks in general, it wasn't that gloomy -- the S&P 500 index closed the session down just 1.6%.
In the first quarter, Wix.com booked $474 million in revenue, which was 13% higher on a year-over-year basis. That was on the back of a 12% rise in total bookings, a critical metric for the company, to $511 million. Non-GAAP (adjusted) net income also rose, advancing to just under $94 million ($1.55 per share) from the prior-year period's $77.3 million.
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Source Fool.com
