On January 31, ContextLogic Inc. (WISH) declared the appointment of Vijay Talwar as the company’s CEO and member of its Board, effective February 01, 2022. Consequently, the stock gained a goof value in the following sessions.
During the regular trading session, the stock made a big jump of 14.72% at its close of $2.65. WISH added a further 5.66% in the after-hours session on Monday, at $2.80.
Founded in 2010, ContextLogic Inc. which operates an online marketplace has a market capitalization of $1.49 billion. Currently, the company has 577 million shares outstanding in the market.
New CEO Vijay Talwar
Mr. Talwar has succeeded Piotr Szulczewski as WISH’s CEO, who will continue being the company’s board member.
Mr. Talwar has vast experience in retail and eCommerce and has served at various big names in various executive roles. Recently, he served as the CEO of Foot Locker’s EMEA (Europe, Middle East & Africa) business. Before that, he also served at Blue Nile Inc., Nike, Inc., the Bill, Hillary & Chelsea Clinton Foundation, Bain & Company, and others.
WISH’s Collaboration with Nasdaq
On December 16, the company announced the installation of a co-branded vending machine in collaboration with Nasdaq. The vending machine laced with “22 Popular Products for 2022” was placed at 4 Times Square.
Moreover, the parties donated all of the sales from the vending machine to The Robin Hood Relief Fund. The Robin Hood Relief Fund is New York’s largest organization working against poverty. In addition, WISH and Nasdaq also drove a #WISH22 on Instagram and Twitter with shoppers posting a picture of their purchase. The companies donated 5X of each purchase price to the relief fund, up to a total donation of $28,000. Added to this a 22% discount with promo code WISH22 was also offered from December 16-18, 2021.
WISH’s Financial Overview
On November 10, the company disclosed its third-quarter financial results for 2021.
In the third quarter of 2021, WISH generated revenues of $368 million, against $606 million in the year-ago quarter. This shows a decline of 39% year over year.
Furthermore, the company incurred a net loss of $64 million in the third quarter of 2021. Comparatively, the net loss was $99 million in the year-ago quarter.
Conclusion
In conclusion, WISH stock has been on a bullish path since the company declared the new CEO appointment. Not only did the stock make a good gain during the regular session, but it also continued gaining in the after hours. The stock lost 91.50% last year and 14.79% year to date. But currently, the stock seems to be going in the right direction as it has added 11.34% in the past five days.
