ContextLogic shares fell 19.13% in premarket trading

Tiger Newspress2021-08-13

ContextLogic shares fell 19.13% in premarket trading.

The parent of e-commerce site Wish said demand for its products slowed, fewer users and active buyers used its platform, and costs rose more than it had expected.

ContextLogic Inc. reported a second-quarter loss of $111 million, or 18 cents a share, compared with a loss of $11 million, or 10 cents a share, in the year-ago period, when the company was private. Sales fell 6% to $656 million from $701 million a year ago.

Analysts on average expected the company to report losses of 13 cents a share on sales of $723 million, according to FactSet.

Logistics improved and “we expected user retention to improve now that we have more reliable logistics, but instead retention declined,” the company said in a letter to investors.

“While we are not satisfied with these results, the second quarter of 2021 was already going to be a challenging year-over-year comparison,” since the company benefited from a significant increase in mobile usage and less competition from brick-and-mortar stores, Wish said.

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Comments

  • Stx
    2021-08-15
    Stx
    WI$H
  • Dave Fu
    2021-08-15
    Dave Fu
    Patience 
  • ahblackblack
    2021-08-13
    ahblackblack
    [Cry] 
  • Bernardng999
    2021-08-13
    Bernardng999
    Just like 40% off of Pinduoduo.
  • Slipperypizzas
    2021-08-13
    Slipperypizzas
    Gotta buy now. Wish is basically taobao and ezBuy for Americans. If you love tb, buy $WISH
  • PotatoPeas
    2021-08-13
    PotatoPeas
    Interesting 
    • AgnL: 
      ok
    • dandan_4896: 
      10 men 10 women choose based on physical attractiveness
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