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Barchart
Pathikrit Bose

Wix Is Set to Slash Its Workforce by 20%, But It May Not Be Enough to Stop the Slump in WIX Stock

WIX

Website development platform Wix.com (WIX), or simply Wix, has announced that it will trim its employee list by 20%. The company expects this move to contribute to the $70 million in incremental cost savings that it has projected for this year. However, there is a deeper problem.

Wix has guided for a cut in its full-year bookings by $50 million and has lowered its revenue guidance by $25 million. Further, the perceived cost savings from the reduced workforce did not stop its shares from declining sharply by 8% on Monday's trading session.

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