Welcome to our dedicated page for ContextLogic news (Ticker: WISH), a resource for investors and traders seeking the latest updates and insights on ContextLogic stock.
ContextLogic Inc. (NASDAQ: WISH), commonly known as Wish, is a leading mobile e-commerce platform dedicated to connecting millions of consumers with an extensive range of affordable products delivered directly to their doors. Founded in 2011 and headquartered in San Francisco, Wish has expanded its operations globally, boasting additional offices in Shanghai, Toronto, Dublin, Amsterdam, and other major cities.
Wish’s mission is to provide an accessible and convenient shopping experience for everyone. The platform supports approximately 500,000 merchant partners and over 300 million users worldwide, who frequently rate it as the best mobile shopping app on iOS and Android platforms. Leveraging advanced technology and data science, Wish offers a highly visual, entertaining, and personalized shopping experience, making it a preferred choice for value-conscious consumers globally.
Recently, ContextLogic made significant strides by entering into an asset sale agreement with Qoo10 Pte. Ltd. (Qoo10). As per the agreement, which is pending shareholder approval, ContextLogic plans to sell certain assets to Qoo10. This transaction is anticipated to close shortly, following a successful vote by the majority of ContextLogic’s shareholders. This move is expected to maximize shareholder value by improving the company’s financial standing with an approximate $2.7 billion of net operating loss (NOL) carryforwards post-transaction.
The company has raised over a billion dollars from top-tier investment funds including Temasek, DST, GGV Capital, Founders Fund, and Jerry Yang’s AME Cloud. With these investments, Wish continues to innovate and enhance its platform to offer a seamless shopping experience to its customers.
With a focus on customer satisfaction, Wish continuously updates its product offerings and improves its delivery services to ensure a reliable and enjoyable shopping experience. The company’s strong financial position and strategic partnerships enable it to remain a key player in the e-commerce market.
For the latest updates, financial reports, and upcoming events, investors and stakeholders can visit the company’s investor relations website at https://ir.contextlogicinc.com.
ContextLogic, operating as Wish (NASDAQ: WISH), announced a 1-for-30 reverse stock split effective April 11, 2023, at 1:01 PM PT. This action is intended to help the company comply with Nasdaq's minimum bid price requirement. Following the split, trading under the symbol "WISH" will commence on a split-adjusted basis from April 12, 2023. The number of outstanding shares will decrease from approximately 695 million to around 23 million, while the authorized shares remain at 3 billion. No fractional shares will be issued, and adjustments will be made to outstanding equity awards. Stockholders will receive further information from the transfer agent, American Stock Transfer & Trust Company. More details are available in the definitive proxy statement filed with the SEC.
ContextLogic Inc. (d/b/a Wish) announced its week-long Wishmas shopping event starting March 30, 2023, with discounts of up to 40% on popular categories such as home & garden, jewelry, and consumer electronics until April 5, 2023. More than 500,000 items will be discounted, and daily themes feature specific categories. Free shipping is available on orders over $10. The event aims to boost engagement and sales through significant promotions and daily deals.
ContextLogic Inc. (d/b/a Wish) announced its inaugural Wishmas shopping event from March 30 to April 5, offering deals of up to 40% off on over 500,000 items. This new shopping initiative aims to enhance customer engagement and bolster sales by providing free shipping on eligible orders over $10. Each day of the event will focus on different product categories such as Home & Garden, Cell Phones, and Health & Beauty. The event is part of a broader strategy to position Wish as a go-to platform for affordable lifestyle products, supported by marketing campaigns in key markets.
Wish's New Partnership with ShipSage aims to enhance order fulfillment options for U.S. merchants. Announced on March 23, 2023, this collaboration allows merchants to access ShipSage’s warehousing capabilities, potentially reducing average Time to Door to 2-3 days.
Sarah Luo, VP of Merchant Operations, emphasized the company's ongoing mission to improve delivery experiences. This partnership complements previous initiatives, including a March 8 agreement with BaseLinker to connect with 18,000 new European merchants and the introduction of a $2.99 flat rate shipping fee for eligible U.S. items.
ContextLogic Inc. (d/b/a Wish) has received approval from the French regulator DGCCRF to lift a delisting measure, allowing the company to re-enter app stores and search engines in France. This decision enables French users to download and update the Wish app on Google Play and access the website directly through search engines, marking a significant change after over 15 months of restrictions. The company expressed gratitude to the regulator for their constructive dialogue and reiterated the importance of the French market for its growth strategy.
ContextLogic (Wish) addresses concerns regarding the collapse of Silicon Valley Bank (SVB) in a statement issued on March 13, 2023. According to CFO Vivian Liu, less than 5% of the company's $719 million in cash and cash equivalents were held at SVB as of December 31, 2022. Therefore, the company does not anticipate any material impact on its liquidity or daily operations due to SVB's situation. Wish emphasizes its diversified banking relationships with large national institutions to safeguard its financial stability.
ContextLogic Inc. (Wish) announces a partnership with BaseLinker, enhancing its ecommerce platform by connecting shoppers with over 18,000 new European merchants. This collaboration aims to expand the product offerings available to users, enhancing the shopping experience by integrating affordable European brands and products. BaseLinker merchants generate around $10 billion annually, showcasing potential growth opportunities for Wish. Additionally, in February 2023, Wish implemented a $2.99 flat rate shipping fee for orders over $10, aiming to improve consumer satisfaction.
ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH), a leading mobile ecommerce platform, announced its participation in the Loop Capital Markets 2023 Virtual Investor Conference on March 13, 2023. The event will consist of one-on-one meetings only, allowing portfolio managers and analysts to connect directly with Wish's management team. Wish has evolved since its founding in 2010 in San Francisco, focusing on providing an affordable and engaging shopping experience to millions globally. The platform connects consumers with merchants efficiently, emphasizing technology and data science for personalized shopping.
ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH) announced participation in two upcoming investor conferences in March 2023. The first is the 10th Annual JMP Securities Technology Conference in San Francisco on March 6, 2023, featuring one-on-one meetings. The second is the Loop Capital Markets 2023 Virtual Investor Conference on March 13, 2023, which includes a fireside chat at 1:00 PM ET. Interested portfolio managers and analysts can arrange meetings through their sales representatives. A live webcast of the fireside chat will be available on the Wish IR website, with a replay archived afterward.
ContextLogic, operating as Wish (Nasdaq: WISH), reported a challenging financial performance for Q4 and FY 2022, with revenues of $123 million, a 57% drop YoY. Core Marketplace revenues decreased 74% to $36 million, while Product Boost revenue fell 64% to $10 million. Logistics revenues were $77 million, down 37%. The company reported a net loss of $110 million, increasing from a loss of $58 million in Q4 2021. Adjusted EBITDA also worsened to a loss of $95 million. For Q1 2023, guidance indicates an expected adjusted EBITDA loss of $70 million to $80 million.
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