The newest Wix layoffs have the company cutting 370 jobs out of its total 5,700 employees. These layoffs mostly affect workers in the U.S. that are part of the company’s customer care division. That includes customer service sites across several major cities, such as Miami, Austin, Denver and San Francisco.
Investors will note that this isn’t the first time Wix has announced layoffs recently. It also cut 100 jobs in September. In addition to that, the company surged to 6,000 employees during the pandemic but couldn’t maintain those numbers afterward, CTech notes.
Wix Continues Layoffs Trend
We’ve seen plenty of companies laying off workers lately, especially those in the tech sector. This comes as inflation, rising interest rates and concerns about a recession weigh on the economy.
Investors are also likely to see additional layoffs news in the company months as companies continue to reduce their headcounts. That makes sense after so many tech companies increased workers to meet the demand required for online services in the Covid-19 pandemic.
WIX stock is down 3.8% as of Thursday morning but is still up 15.6% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.