Wix.com Ltd. (NASDAQ: WIX) is a web development platform that allows users to create HTML5 websites and mobile sites through the use of online drag and drop tools. The company was founded in 2006 and is headquartered in Tel Aviv, Israel.
Wix share price has dropped by 5% in the past week,
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The main reason for the drop in Wix’s share price is due to the company’s disappointing fourth quarter results. Wix reported a loss of $0.40 per share, which was much worse than the $0.29 per share loss that analysts were expecting.
Wix also announced that its CEO, Ariel Cohen, is stepping down and will be replaced by Omer Shai.
This change in leadership also likely contributed to the decline in Wix’s stock price.
Overall, it has been a tough few months for Wix. In addition to its disappointing earnings report, the company has also been battling various lawsuits. In December, Wix was sued by a former employee who accused the company of gender discrimination.
The string of bad news has caused Wix’s stock price to drop significantly from its 52-week high of $85.84. While the stock may be down at the moment, Wix is still a leading player in the web development space and has a lot of potential for long-term growth.
The main reason for the drop in Wix’s share price is due to the company’s disappointing fourth quarter results.
In December, Wix was sued by a former employee who accused the company of gender discrimination. The string of bad news has caused Wix’s stock price to drop significantly from its 52-week high of $85.
