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By Dhirendra Tripathi
Investing.com – Wix (NASDAQ:WIX) shares fell more than 14% Wednesday on its decision to stop disclosing its user base and widening of losses.
The cloud-based website builder said it has over 200 million registered users, a number unchanged from its February earnings release, given the company’s decision to not give precise numbers. The November release on its September quarter earnings had mentioned 189 million as its registered user base.
The net loss more than trebled to $121.75 million in the March quarter from $39.15 million in the same period a year ago.
Wix’s forecast of $14.2 billion in revenue from existing customers over 10 years did nothing to assuage traders’ concerns.
The company said its 2021 revenue will come between $1.28 billion and $1.29 billion, higher than the $1.27 billion to $1.28 billion range it gave earlier.
Free cash flow is also now seen higher at $62 million to $72 million, up from the $60 million to $70 million range it gave earlier.
March quarter revenue grew 41% year-on-year, to $304.1 million.