Wix CEO cites 'fast evolution of AI capabilities' in announcement of 20% workforce cut

• Wix has confirmed plans to lay off around one in five workers
• Despite job cuts, the company will continue to hire new roles for an AI-first future
• Share prices down following news, also down following disappointing Q1 EPS miss

Wix CEO Avishai Abrahami confirmed in an X post that the company will be laying off around 20% of its workers as a result of an ongoing restructuring initiative set to affect all departments.

Among the reasons cited for the mass layoffs were currency and exchange rate pressures, with many of the company's workers and a large portion of its operating costs housed in Israel, under the Israeli Shekel.

Conversely, a lot of company revenue is Dollar-dominated, which has created a significant gap in currency sustainability.

AI, streamlining and missed earnings

"In the past few quarters the exchange rate between the Shekel and the US dollar has shifted significantly," he said....

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