Wix.com, Inc.

Wix.com, Inc. has laid off 20% of its workforce, amounting to 1,000 employees, according to Reuters and other reports. CEO and cofounder Avishai Abrahami cited two primary reasons in an internal message: the strengthening Israeli shekel versus the U.S. dollar (Wix's costs are largely shekel-denominated while revenue is largely dollar-denominated) and the rapid evolution of AI capabilities prompting organizational changes. Abrahami said Wix is moving to a structure with fewer management layers to adapt to AI-driven changes. The cuts mainly affect teams based in Israel given the company's cost structure and were portrayed as necessary to align the company's scale with sustainable cost levels.

Wix has announced plans to cut 1,000 jobs as a response to weak financial results and a shift towards artificial intelligence. This decision reflects the company's ongoing challenges in adapting to market demands and improving profitability. The layoffs are part of a broader strategy to restructure operations and focus on future growth areas. Specific details regarding the locations or departments affected by these layoffs have not been disclosed. The company aims to streamline its workforce to better align with its evolving business model.