What happened

Wix.com (NASDAQ:WIX) stock dipped 18.7% in October, according to data provided by S&P Global Market Intelligence. Shares lost ground amid last month's broader market sell-off.

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^SPX data by YCharts.

The website-creation company saw steeper declines than the broader market, but that's expected from a growth-dependent tech stock during a market pullback. There doesn't appear to have been company-specific news behind its performance last month.

An illustration of a crane, a latter, and gears next to a computer displaying a website.

Image source: Getty Images.

So what

Despite the recent pullback, there hasn't been any substantive change to Wix's outlook since it published second-quarter results in July. The company has been posting strong growth thanks to demand for its customizable website services, and it still has a large addressable market to tap into. Shares are priced for growth, trading at roughly 126 times this year's expected adjusted earnings and roughly 8 times expected sales, but the company has avenues to living up to (and exceeding) its present valuation as it continues to expand its user base and adds new premium-service subscribers and offerings. 

Now what

Wix shares have regained ground in November, corresponding with positive movement for the broader market and trading up roughly 4.6% in the month so far. 

^SPX Chart

^SPX data by YCharts.

Wix is scheduled to report third-quarter earnings after the market close on Nov. 13, and it's guiding for revenue between $152 million and $153 million (representing 37.5% year-over-year growth at the midpoint) and bookings between $161 million and $162 million (34.5% growth at the midpoint). Last quarter, the company increased its premium subscriber count 28% year over year to reach 3.7 million, and investors will be watching to see whether that level of momentum is maintained or surpassed.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Wix.com. The Motley Fool has a disclosure policy.