- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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