Wix, a maker of do-it-yourself website building software, is said to be embarking on a wave of layoffs to cut as many as 1,000 employees, or 20 percent of its workforce in Israel and abroad, over the coming months, according to reports in the Hebrew press.
The reported job cuts come after the eCommerce platform posted a loss in the first quarter of this year and made investments in AI-related tools amid growing pressure to reduce redundant roles in the AI era.
Over the past year, Wix bought Israeli AI-based app creator startup Base44 and local startup Hour One to bolster its web creator and content offerings with generative AI-based video production and other tools.
Founded in 2006, Wix is one of Israel’s flagship tech firms and is listed on the Nasdaq with a market cap of about $2.2 billion. At the end of March, Wix employed 5,277 people, of whom more than 60% are based in Israel.
Wix declined to comment on the reported workforce downsizing plan.
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