Wix.com Ltd (WIX) stock plunge during pre-market trading. Let’s find out why?

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WIX Stock
WIX Stock

Wix.com Ltd (NASDAQ: WIX) stock declined by 3.86% at the last close as well as the WIX stock price falls by 7.51% in the pre-market trading session. Wix, a cloud-based website building platform with over 200 million registered users globally, is now making strides.

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What’s happening in?

Vistaprint and Wix Inc. recently announced a groundbreaking combination of services and products for small companies to help them grow their online presence.

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As part of its ambition to become the world’s top design and marketing partner for small companies, Vistaprint has chosen Wix to enable the construction and administration of websites and related products for its clients. Wix and Vistaprint working together will help small businesses succeed by coordinating their online and offline marketing.

Vistaprint clients will likely be able to use the Wix platform to develop and maintain a completely customized and thorough web presence for their business. Users will have the option of building a professional web presence themselves utilizing all of Wix’s creative tools or hiring a Wix professional via Vistaprint’s 99designs.

Customers of Vistaprint may also use the Wix eCommerce platform to build any sort of business, including a retail store, fitness studio, restaurant, or event. And also to handle essential online operations like online sales and marketing with Ascend by Wix and payments with Wix Payments.

WIX stock, Financial Highlights

Wix.com announced its second-quarter 2021 financial results. Here’s the summary:

  • The revenue generated for the second quarter of 2021 was $316.4 million which is a rise of 34% year over year.
  • The total gross margin on a GAAP basis calculated for the second quarter was 62%.
  • For the second quarter of 2021, the net non-GAAP gross margin was 63%.
  • In the second quarter of 2021, GAAP net profit was $38.0 million, or $0.66 per share.
  • For the second quarter of 2021, the non-GAAP net loss was $15.8 million, or $0.28 per share.
  • Operating operations generated $21.8 million in net cash in the second quarter of 2021, while capital expenditures totaled $7.1 million, resulting in $14.7 million in free cash flow.

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