Wix.com Ltd's stock plummeted 28.29% during intraday trading on Wednesday, marking a significant decline for the cloud-based website builder.

The sharp drop followed the company's release of its first-quarter 2026 financial results, which revealed a substantial miss on earnings. Wix.com reported adjusted earnings per share of $0.68, falling far short of the analyst consensus estimate of $1.25—a miss of 45.6%. This also represented a 56.13% decrease compared to earnings of $1.55 per share from the same period last year. Quarterly revenue of $541.17 million slightly missed the expected $544.16 million.

Adding to the negative sentiment, several financial institutions revised their outlook on the stock. Bofa Global Research cut its price objective to $95.00 from $109.00, while JPMorgan lowered its price target to $86 from $91. The company reported a quarterly loss of $57.47 million. Despite maintaining its full-year 2026 outlook and reporting year-over-year growth in bookings (15%) and revenue (14%), the significant earnings shortfall against expectations served as the primary catalyst for the sell-off.