Why Wix.com Ltd Stock Dropped Today

Shares of Wix.com Ltd. (NASDAQ: WIX) were down 12.8% as of 1:30 p.m. EST Wednesday after the cloud-based web development platform announced mixed third-quarter 2017 results.

More specifically, Wix's revenue climbed 47% year over year to just over $111 million -- above the company's previous outlook for sales in the range of $109 million to $110 million. Wix also saw collections rise 38% to $120.1 million, above expectations for $117 million to $118 million. On the bottom line, however, that translated to adjusted net income of $0.4 million, or $0.01 per share, compared to a net loss of $1.6 million, or $0.04 per share in the same year-ago period.

Analysts, on average, were looking for significantly higher adjusted earnings of $0.13 per share on revenue of $109.8 million.

Source: Fool.com