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Cloud-based website development platform company Wix.Com Ltd (NASDAQ: WIX) ended the first quarter with more than 150 million customers, but the company has plenty of room to expand within the "enormous" market, company CEO Avishai Abrahami told CNBC's Jim Cramer.
What Happened
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Wix serves small-to-medium sized businesses across the world, which implies a "pretty good chance" of growing from $1 billion in annual collections to $10 billion, the CEO said during Cramer's "Mad Money" show.
Wix has one major trend working in its favor, he said: the need for businesses to manage their own websites continues to grow.
Why It's Important
Wix's services do not end with helping businesses create websites; it offers management solutions and marketing tools to grow with, the CEO said.
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For example, Wix can act as an intermediary with a group of freelance experts with knowledge in online marketing, art and other valuable skills.
What's Next
Wix announced a new feature, Corvid, that links with external data sources to collect, store and manage content.
Pricing for the feature has yet to be announced, as it is still in the late beta stage, but it is expected to be fully released in the next six months.
Wix shares were down 0.62% at $148.11 at the close Friday.
Related Links:
Wix Reports Q1 Results: 4 Sell-Side Takes
KeyBanc Takes Neutral Stance On Wix
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.