Trending Now - Wix Announces 20% Job Cuts Amid AI Advancements and Currency Issues
WHO:
Techmeme - Israel-based web development company Wix is involved in the layoffs.
CNBC - CEO Avishai Abrahami announced the workforce cuts.
WHAT:
Fast Company - Wix is laying off approximately 1,000 employees, based on a workforce of 5,277 as of May.
Fast Company - Wix's shares have decreased nearly 50% on the Nasdaq exchange since the beginning of 2026.
Fast Company - Wix reported first-quarter 2026 earnings of $541.2 million, missing the expected revenue of $543.6 million.
Fast Company - The adjusted earnings per share (EPS) for Wix was $0.68, which fell short of the expected $1.22, a difference of 44.2%.
Fast Company - Wix's operating margin for the first quarter of 2026 was -12.9%, down from 7.9% in the same quarter the previous year.
Techmeme - Wix is cutting 20% of its workforce.
CNBC - The company is slashing roughly 20% of its workforce.
CNBC - Abrahami stated that the company would move toward fewer layers of leadership to make faster decisions.
WHERE:
Techmeme - The company is based in Israel.
WHY:
Techmeme - The layoffs are attributed to the "fast evolution of AI capabilities" and currency exchange rate difficulties.
CNBC - Abrahami mentioned that the strengthening of the Israeli shekel against the U.S. dollar is putting "structural pressure" on the company's ability to operate at its current scale.
HOW:
CNBC - The announcement reflects a trend among tech companies making major headcount cuts, with many citing artificial intelligence's role in automating some workloads.
(UPDATED May 28, 2026 19:52 UTC)
Wix is laying off approximately 1,000 employees from its workforce of 5,277, following a significant decline in its stock price, which has dropped nearly 50% on the Nasdaq since the start of 2026. The company reported first-quarter earnings of $541.2 million, falling short of the expected $543.6 million, with adjusted earnings per share at $0.68, missing projections by 44.2%. Additionally, Wix's operating margin for the first quarter was -12.9%, a stark contrast to the 7.9% margin recorded in the same period last year.
--
(UPDATED May 28, 2026 18:01 UTC)
Wix, the Israel-based web development company, is cutting about 20% of its workforce, as announced by CEO Avishai Abrahami. He explained that these layoffs are driven by the rapid evolution of AI capabilities and the strengthening of the Israeli shekel against the U.S. dollar, which is creating structural pressure on the company's operations. This move is part of a broader trend among tech companies that are reducing headcount, often citing automation as a key factor in their decision-making.