The website builder ended Q1 with 5,277 employees, more than 60% of them in Israel, and expects to land near 4,200 once the cuts finish. CEO Avishai Abrahami framed it as two squeezes at once: a shekel strong enough to make an Israel-heavy payroll expensive in dollar terms, and the same AI-or-be-disrupted argument every SaaS company is reaching for this quarter. The stock has shed close to half its value this year, and a soft Q1 report lopped off another third. It's the same script as Intuit and Meta a week earlier — name AI, cut deep, and keep the door open for the AI hires. The tell worth watching isn't the headcount, it's whether the "restructuring around AI" actually ships product the old org couldn't.