ContextLogic Inc. (WISH), a mobile eCommerce company, has declined 5.9% in aftermarket trading session. Consequently, the stock was trading at $2.15 when last checked. During Tuesday’s regular trading session, the stock declined by 4.22% and closed the day at $2.27. The stock has declined in aftermarket owing to the announcement of financial results, as the company reported losses.
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Q4 and FY 2021 Results
On Tuesday, after the closure of the market, WISH released the results for Q4 and FY 2021. The period ended on 31st December 2021. The revenues during Q4 2021 were $289 million, a decrease of 64% on a year-over-year basis. The net loss suffered during Q4 2021 was $58 million (or $0.09 per share), an improvement of 90% on a year-over-year basis. During FY 2021, the company was able to generate $2.08 billion in terms of revenue, an increase of 18% on a year-over-year basis. The net loss suffered during FY 2021 was $361 million compared to $745 million during FY 2020.
Q1 2022 Outlook
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Alongside the results, WISH also released the financial outlook for the first quarter of the fiscal year 2022. The company expects that the adjusted EBITDA would remain in a range of $(70) million to $(60) million, which in turn would represent a growth of 11% to 24% on a year-over-year basis.
Comments from CEO of WISH
Vijay Talwar, CEO of WISH, commented that the financial stability of the company primarily relies on improvement in user experience. When the objective would be achieved, the company would be able to drive towards new horizons of excellence. The company has decided to reduce its workforce, which in turn would aid in its long-term success and stability.
What’s Next for WSH?
Looking ahead, analysts are negatively evaluating WISH stock at the moment, the reason being their expectation that it is expected to perform weakly in a period of the next couple of weeks. Hence, investors should keenly look towards future developments related to the stock.