Why Wix.com Tanked Over 23% This Week

Shares of no-code website builder and management software company Wix.com (NASDAQ: WIX) fell 23% last week following its second-quarter 2021 earnings update. The stock had been rallying back toward all-time highs in July before this most recent tumble, but is now down 18% so far in 2021.

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Wix's Q2 results weren't the problem. Revenue of $316 million (year-over-year growth of 34%) was $2 million higher than management's guidance. Millions of entrepreneurs and small businesses are still migrating their operations over to the internet, and Wix is a trusted partner with a diverse and easy-to-use toolset for many of them.

Source Fool.com