Wix.com Facing COVID-19 Issues and Coupang’s Disappointing Earnings Report
Wix is a platform that allows anyone to create a website or web application, and it’s something you’ve likely interacted with if you’ve visited a small business’s page. They are based in Tel Aviv, Israel, and they have a market cap of $12.155 billion.
On Wednesday, Wix released their earnings report. They reported revenue of $316 million, which beat estimates, and they reported a loss of 20 cents per share, which also beat analyst expectations. However, pandemic uncertainty was a big player in the earnings report, with the CEO saying that users were hesitant on creating websites and applications due to the pandemic, which put a gloomy cloud on an otherwise awesome quarter. Wix closed the day at $215.49, down 16.96%.
Coupang is an ecommerce company that operates through its mobile applications and internet websites. If you are a dropshipper, I must’ve caught your attention. The company is based in Seoul, South Korea, and it has a market cap of $64.451 billion, which is very large for a company who recently entered the market through an IPO.
On Wednesday, Coupang reported their earnings after the market closed. They saw a loss of 30 cents per share, which missed analyst expectations, but saw a beat on revenue with $4.48 billion. A $300 million loss in the quarter was attributed to a fire at one of their fulfilments centers in South Korea, which added on to the disappointing report. Coupang fell to $37.20 after hours, down 12.10%.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.