ContextLogic (WISH) Misses Q2 Revenues
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August 13, 2021 9:03 AM EDT
Shares of ContextLogic (NASDAQ: WISH) have plunged more than 27% in pre-open Friday after the company reported Q2 sales of $656 million, lower than the $723 million consensus.
The company also delivered a loss of $0.18 per share, again lower than the consensus calling for a loss of $0.13 per share.
Wish has begun executing on initiatives designed to enhance the user experience and increase engagement on the Wish app following second-quarter results that did not meet our expectations, said Wish Founder and CEO Piotr... More
August 13, 2021 6:42 AM EDT
Stifel analyst Scott W. Devitt lowered the price target on ContextLogic Inc (NASDAQ: WISH) to $8.00 (from $12.00) while maintaining a Hold rating.
The analyst commented, "Wish reported disappointing 2Q results with revenue falling -7% y/y to $656mm, significantly below our $724mm estimate and the... More
August 13, 2021 5:38 AM EDT
JPMorgan analyst Doug Anmuth downgraded ContextLogic Inc (NASDAQ: WISH) from Overweight to Underweight with a price target of $5.00 (from $17.00).
The analyst comments "ContextLogic operates Wish, one of the largest global ecommerce platforms, connecting 90M+ MAUs in 100+ countries to 550k+ merchants. WISH targets an underserved... More
