ContextLogic Inc. (WISH) shares declined 4.31% in after-hours on Wednesday, November 10, 2021, and closed the daily trading at $4.88. Even in the regular trading session, WISH’s stock lost 7.10%. The stock volume remained 53.37 million shares. WISH shares have moved down 2.11% in the past week. Over the past three months, the stock has lost 45.80%, while over the past six months, it has slid down 37.11%.
Let’s have a brief discussion about its recent developments.
WISH the latest development
On November 10, 2021, ContextLogic Inc. (WISH) reported its financial results for the quarter ended September 30, 2021.
Q3 2021 financial highlights
- WISH reported total revenue of $368 million in Q3 2021 compared to $606 million in the third quarter of 2020.
- The cost of revenue was $201 million compared to $241 million in Q3 2020.
- Total operating expenses were $230 million in Q3 2021 compared to $443 million in Q3 2020.
- It suffered a net loss of $64 million or net loss per basic and diluted share of $0.10 in Q3 2021 compared to a net loss of $99 million or net loss per basic and diluted share of $0.92 in Q3 2020.
- Adjusted EBITDA was $30 million in Q3 2021 compared to $64 million in Q3 2020.
WISH important corporate update
On November 10, 2021, ContextLogic Inc announced that Piotr Szulczewski will be stepping down as Chief Executive Officer. He will remain on the Company’s board of directors.
Mr. Szulczewski will remain CEO until either a successor is appointed by the Company’s board of directors, or no later than February 1, 2022.
WISH was founded by Mr. Szulczewski in 2010 and has served as CEO since July 2010. Before founding the Company, he held various positions at Google, Inc.
WISH improvement plan
On November 09, 2021, ContextLogic Inc. (WISH) shared details about its plans to improve product quality on the platform. As part of a broader effort to improve user trust and increase customer retention, Wish is introducing the Wish Standards program to incentivize quality products and other positive behaviours from its merchants.
The new program measures merchants against a defined set of criteria spanning product quality, shipping experience, customer reviews, refund rates, and compliance with Wish policies. Merchants who qualify for the program will benefit from commission discounts, expedited payment terms, and greater exposure for their products within the app.
WISH new CFO
On October 25, 2021, ContextLogic Inc. (WISH), appointed Vivian Liu as Chief Financial Officer. This is the latest in a series of C-suite appointments at ContextLogic this year.
Ms. Liu currently serves as Chief Financial Officer and Senior Vice President of Shutterfly, Inc., she has extensive experience in scaling and transforming both privately and publicly held companies as a CFO.
Conclusion
WISH Stock plummeted on Wednesday due to the poor Q3 financial figures and it can further decline in the coming trading sessions on Thursday.
