Wix will lay off roughly 1,000 employees, about 20% of its workforce, in what amounts to the biggest round of cuts the website-building company has ever made, per a report from Calcalist. The reductions follow weak earnings and a nearly 50% drop in Wix's stock price since January, alongside growing worry over thinning profitability and roles turning redundant as AI reshapes the business. Unlike pandemic-era cuts that mostly hit customer support, this round is expected to touch every department. Wix counted 5,277 staff at the end of Q1, more than 60% based in Israel. The company recently swung back to a net loss of $57.5M for the quarter despite revenue climbing 14% to $541M, which it blamed on a sharp rise in marketing spend and additional payouts tied to its Base44 acquisition. A $1.6B share buyback meant to steady investor confidence has so far failed to do so.
