Stock Track | Wix.com Plunges 5.11% in Pre-market After Q1 Earnings and Revenue Miss Estimates
Stock Track
May 13
Wix.com Ltd's stock experienced a pre-market plunge of 5.11% on Wednesday, following the release of the company's first-quarter financial results.
The sharp decline was primarily driven by Wix.com reporting quarterly adjusted earnings per share of $0.68, which significantly missed the analyst consensus estimate of $1.25. The company's Q1 revenue of $541 million also fell short of the expected $544.16 million.
Adding to the negative sentiment, investment bank JP Morgan cut its price target on Wix.com shares to $86 from $91. While the company reported year-over-year growth in bookings and revenue and maintained its full-year outlook, investors reacted negatively to the quarterly performance shortfall against expectations.
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