Web development company based in Israel wicks CEO Abishai Abrahami announced in a post on X early Thursday that the company would cut about 20% of its workforce, citing the “rapid evolution of its AI capabilities” and difficulties surrounding currency exchange rates.
“Since the invention of modern programming languages in the 1970s, we have witnessed the most significant change in how companies are built. This is not just about adopting new tools, but rewiring the way companies are built, thought about, managed, and operated,” Abrahami wrote, noting that the company will move toward reducing the number of leaders in order to make faster decisions.
Abraham said: israeli shekel continues to strengthen against USDExchange rates are also putting “structural pressures” on the company’s ability to operate at its current scale.
Wicks referred CNBC to Abrahami’s post when asked for further details on the layoffs.
The announcement joins Wix in a wave of deep layoffs among technology companies, with many leaders citing the role of artificial intelligence in automating some workloads.
february saw block CFO Amrita Ahuja said the company saw an opportunity to “move faster with smaller, better teams that leverage AI to automate more work,” and said the company had cut nearly 4,000 jobs, cutting nearly half its workforce.
Cisco cut 5% from its ranking this month, with CEO Chuck Robbins stressing the need for “quick reallocation of resources” given the speed of the market. And just last week, meta The company cut approximately 8,000 jobs, or approximately 10% of its workforce.
Wix had 5,277 employees at the end of the first quarter, according to the company’s shareholder update in May. This brings the number of people targeted for reduction to just over 1,000 on Thursday.
Shares of Nasdaq-listed companies traded flat on the news.
