Wix.com Boosts Stock Buyback By $300M

Wix.com Boosts Stock Buyback By $300M
  • Wix.com Ltd's WIX board approved a buyback of up to $300 million shares.
  • This repurchase program, and 2021's $200 million share repurchase, demonstrated the board's ongoing focus on offsetting dilution associated with stock-based compensation, reducing share count over time, and increasing shareholder value.
  • Also Read: Tencent's Pace Of Stock Buyback Boost Could Match Alibaba, Analysts Say
  • "We have built a healthy balance sheet and believe that our current stock price represents an attractive valuation for a repurchase," said Lior Shemesh, Wix CFO.
  • Wix.com used $(2.7) million in operating cash flow and held $1.2 billion in cash and equivalents as of June 30.
  • Price Action: WIX shares traded higher by 3.01% at $74.90 on the last check Thursday.

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