On May 29, Wix.com rose 8.15% in regular trading, trading at $56.89/share, with trading volume of approximately $60.88 million. The stock rebounded after the company formally announced a sweeping restructuring plan earlier in the week.
Wix confirmed it will cut approximately 20% of its workforce — roughly 1,000 positions — marking the largest layoff in the company's history. CEO Avishai Abrahami cited two primary drivers: the persistent appreciation of the Israeli shekel against the U.S. dollar, which has pressured operating costs given most staff are based in Israel while revenue is denominated in dollars, and the rapid evolution of artificial intelligence reshaping how technology companies operate. Abrahami described the AI shift as the most significant transformation in how businesses are built since the invention of modern programming languages in the 1970s.
The restructuring follows a dismal Q1 earnings report in which Wix posted adjusted EPS of $0.68, missing consensus estimates by $0.54, while revenue of $541 million also fell short. Shares had previously plunged approximately one-third following that report and were down nearly 50% year-to-date prior to today's rebound, as markets priced in growing AI disruption risk to the website-building industry.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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