ContextLogic Inc. (WISH) shares jumped 2.89% in after-hours on Monday, June 21, 2021, and close the business at $13.89 per share. earlier in the Morning session, WISH’s stock gained 18.42% to close Monday’s normal session at $13.50 per share. WISH shares have moved up by 19.79% in the past week. Over the past three months, the stock has lost 24.92%, while over the past six months, it has declined 39.38%.
Wish Partnership with PrestaShop
On June 14, 2021, WISH stock announced a two-year partnership with the leading e-commerce platform, PrestaShop.
Through this partnership, more than 300,000 merchants and brands on the PrestaShop platform will be able to quickly and easily sell to millions of consumers on the Wish marketplace.
Recent financial results announcement
On May 12, 2021, WISH stock released its financial results for its first quarter ended March 31, 2021.
Q1 2021 financial highlights
- WISH stock reported revenue of $772 million for Q1 2021 compared to $440 million in Q1 2020.
- The company suffered a net loss of $128 million for the reported quarter compared to a $66 million loss in Q1 2020.
- Adjusted EBITDA was $79 million in Q1 2021 compared to $51 million in Q1 2020.
- It used $354 million of net cash in operating activities during Q1 2021, compared to $129 million in Q1 2020.
The financial outlook for Q2 2021
For the 2nd quarter of 2021, the company is expecting
- Revenue to be between $715 million to $730 million
- Adjusted EBITDA between $60million to $55 million
New appointments
On May 12, 2021, the company separated the roles of chair and chief executive officer and appointed veteran technology and finance executive and current Wish board director Jacqueline Reses as Executive Chair.
Wish Founder and CEO Piotr Szulczewski will continue to serve as Chief Executive Officer.
Participation in the investor conference
Wish recently participated at J.P. Morgan’s 49th Annual Global Technology, Media, and Communications Conference which held on Monday, May 24, 2021.
Strategic Partnership with South Africa Post Office
On April 21, 2021, WISH stock signed a strategic partnership with South Africa Post Office (SAPO) to strengthen its logistics capabilities and customer experience for South African consumers.
Due to the partnership with South Africa Post Office (SAPO), the customer will get benefits such as
- SMS and physical notifications on deliveries awaiting collection
- Customers to receive bundled shipments for multiple items
- Average 50%+ faster transit times
- End to end tracking visibility and delivery confirmation
Conclusion
Though the company is facing some legal challenges it is still performing well and we have no recent news which we could link with its good performance on Monday. We hope that WISH stock will continue to perform well in the coming days as well.
