Wix is preparing its largest-ever round of layoffs. The company plans to cut approximately 1,000 jobs in the coming months. This reduction represents 20% of the total workforce.
The company’s stock price has collapsed nearly 50% since the beginning of 2026. Wix reported a net loss of $57.5 million for the first quarter. This result reverses a trend of several profitable quarters. Revenue increased by 14% during the period.
Rising costs from AI-driven initiatives and marketing campaigns eroded profitability. Expenses included Super Bowl advertisements and the acquisition of AI coding company Base44.