Wix Stock Plunges 27% After Q1 Earnings Miss as AI Spending Spooks Investors
Wix shares fell 27.1% to $55.32 after first-quarter adjusted earnings missed estimates and the company posted a GAAP net loss of $57.5 million. Revenue rose 14% to $541.2 million, but non-GAAP operating margin dropped to 5% from 21% a year earlier. JPMorgan cut its price target to $86, citing ongoing heavy investment. Research and development costs jumped to $178.2 million from $127.5 million.