Website Creator Wix.com Plans Cost Cuts As Q2 loss Narrows.

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Wix.com (WIX.O), which helps small businesses build and operate websites; reported a smaller-than-expected second-quarter loss and announced a plan to sharply reduce costs by $150 million a year.

The Israeli company said it had lost 14 cents per share excluding one-time items; compared with a loss of 28 cents per share a year earlier. Revenue grew 9% to $345.2 million.

Wix was forecast to lose 34 cents excluding one-time items, on revenue of $344 million, according to Refinitiv I/B/E/S data.

“Despite the current macroeconomic environment, we are on what is under our control; driving operational efficiencies to accelerate our path to profitability while

continuing to execute on growth initiatives,” said chief executive Avishai Abrahami.

Reuters.

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