Wish parent company ContextLogic Inc.’s shares plunged more than 10% in after-hours trading Thursday, after the e-commerce company’s revenue came in lower...
Wish parent company ContextLogic Inc.’s WISH shares plunged more than 10% in after-hours trading Thursday, after the e-commerce company’s revenue came in lower than $100 million for the first time on record. Wish reported first-quarter revenue of $96 million, down nearly 50% from $189 million a year ago, which executives blamed on pricing changes that began last year and decreased advertising spending.
Wish reported first-quarter revenue of $96 million, down nearly 50% from $189 million a year ago, which executives blamed on pricing changes that began last year and decreased advertising spending. The company had never reported a quarter with less than $100 million in revenue since going public in 2019, and reported revenue of more than $600 million for five consecutive quarters from mid-2020 through mid-2021. Wish reported a loss of $89 million, or $3.83 a share, declining from a loss of $2.
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