Wish Reports Third Quarter 2021 Financial Results and Provides Business Update
ContextLogic, known as Wish, reported a 39% decline in revenue for Q3 2021 compared to Q3 2020, totaling $368 million. Core Marketplace revenue saw a sharp drop of 55% year-over-year. Despite the losses, the company noted improvements in operational efficiency and reduced advertising spending. Net loss for the quarter was $64 million, compared to $99 million a year earlier. The company also announced the resignation of CEO Piotr Szulczewski, with Jacques Reses expressing confidence in future growth despite expected Q4 revenue being below Q3 levels.
- Implemented strategic improvements leading to reduced ad spend and an exceeded bottom-line guidance.
- Onboarded over 12,000 new merchants, enhancing marketplace presence.
- Launched innovative features like Wish Clips and expanded payment options, aimed at improving customer experience.
- 39% revenue decline year-over-year, indicating significant challenges in marketplace performance.
- Core Marketplace revenue dropped by 55%, raising concerns about customer engagement.
- Expected Q4 revenue to be below Q3, indicating ongoing struggles despite the holiday season.
Company Reports Progress on Turnaround Strategy
Wish Also Announces Resignation of CEO
In a separate announcement, the Company also announced today that
Third-Quarter 2021 Financial Highlights
The following tables include unaudited GAAP and non-GAAP financial highlights for the periods presented.
Revenue |
|||||||||||||||
(in millions, except percentages, unaudited) |
|||||||||||||||
|
Three Months
Ended |
|
|
Nine Months
|
|
||||||||||
|
2021 |
2020 |
YoY % |
|
2021 |
2020 |
YoY % |
||||||||
Revenue |
$ |
368 |
$ |
606 |
|
( |
|
$ |
1,796 |
$ |
1,747 |
|
|
||
|
$ |
183 |
$ |
405 |
|
( |
|
$ |
1,038 |
$ |
1,300 |
|
( |
||
ProductBoost |
$ |
37 |
$ |
49 |
|
( |
|
$ |
137 |
$ |
138 |
|
( |
||
Marketplace Revenue |
$ |
220 |
$ |
454 |
|
( |
|
$ |
1,175 |
$ |
1,438 |
|
( |
||
Logistics Revenue |
$ |
148 |
$ |
152 |
|
( |
|
$ |
621 |
$ |
309 |
|
|
||
Other Financial Data |
|||||||||||
(in millions, except percentages, unaudited) |
|||||||||||
|
Three Months Ended
|
|
Nine Months
|
||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Net loss |
$ |
(64) |
|
$ | (99) |
|
$ |
(303) |
|
$ | (176) |
% of Revenue |
|
( |
|
( |
|
|
( |
|
( |
||
Adjusted EBITDA* |
$ |
(30) |
|
$ | (64) |
|
$ |
(176) |
|
$ | (99) |
% of Revenue |
|
( |
|
( |
|
|
( |
|
( |
||
* Indicates non-GAAP metric. See below for more information regarding our presentation of non-GAAP metrics in the section titled: “Use of Non-GAAP Financial Measures.” |
“We have made good progress in advancing Wish in a positive direction toward long-term growth and profitability,” said
“During the quarter, we continued to implement our aggressive plan to make key strategic, operational and structural improvements, which we believe will enable Wish to achieve its full potential. The foundation of that plan is to improve and maintain trust with our buyers, and to provide a differentiated and engaging buying experience. In doing so, we expect to drive long-term growth and sustainable unit economics for our eCommerce platform. By redoubling our focus on our most frequent buyers, we’re learning what features and products are most likely to catalyze our entire user base to engage and buy on Wish. We are confident in our ability to return to growth during the second half of 2022, while creating significant shareholder value over time,” concluded Reses.
Recent Progress Across Strategic Initiatives
Increasing Buyers’ Confidence in Our Marketplace
- Launched Wish Standards, a new merchant program designed to reward merchants that consistently provide an exceptional customer experience with priority placement in the feed, along with commission discounts. With this program, Wish will evaluate merchants across many performance metrics, including product quality, shipping and delivery experience, customer reviews and ratings.
- Onboarded over 12,000 new merchants, including Trespass, Dermafirm, and Shopango.
Providing a Differentiated and Engaging eCommerce Experience
- Launched “Wish Clips,” a next generation video-first shopping experience on Wish.
-
Expanded Wish’s payment options for
U.S. users by partnering withKlarna , a leading global retail bank, payments and shopping service to allow flexible payment options through its ‘Buy Now, Pay Later’ offering.
Operational & Logistics Improvements
- Reprioritized resources throughout the organization to focus on executing on the turnaround strategy.
- Wound down 1P and B2B Wholesale products and paused Local Selling; re-allocated resources to focus on core marketplace and merchant onboarding.
Outlook - Q4 2021
While we are not providing Q4 revenue guidance, we expect Q4 revenue to be below Q3 despite the holidays. This is primarily driven by our ongoing reduction of ad spend during the quarters, resulting in higher ad spend in the beginning of Q3 as compared to the beginning of Q4. Specifically, Q4 revenue through the end of October is down approximately
|
Three Months
Ended |
||||||
Adjusted EBITDA |
$ |
(35 |
) |
to |
$ |
(30 |
) |
% Growth YoY |
|
70 |
% |
to |
|
75 |
% |
* Wish has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) for total Adjusted EBITDA or to forecasted GAAP income (loss) before income taxes for segment Adjusted EBITDA within this earnings release because the company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to: income taxes which are directly impacted by unpredictable fluctuations in the market price of the company's stock. |
Conference Call & Webcast Information
Wish will host a live conference call to discuss the results today at
About Wish
Wish brings an affordable and entertaining shopping experience to millions of consumers around the world. Since our founding in
Use of Non-GAAP Financial Measures
We provide Adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude: interest and other income (expense), net (which includes foreign exchange gain or loss, foreign exchange forward contracts gain or loss and gain or loss on one-time non-operating transactions); provision or benefit for income taxes; depreciation and amortization; stock-based compensation expense and related payroll taxes; lease impairment related expenses; remeasurement of redeemable convertible preferred stock warrant liability; and other items. Additionally, in this news release, we present Adjusted EBITDA Margin, a non-GAAP financial measure that represents Adjusted EBITDA divided by revenue. The reconciliation between historical GAAP and non-GAAP results of operations is provided below. Our management uses Adjusted EBITDA in conjunction with GAAP and other operating performance measures as part of its overall assessment of the company’s performance for planning purposes, including the preparation of its annual operating budget, to evaluate the effectiveness of its business strategies and to communicate with its board of directors concerning its financial performance. Adjusted EBITDA should not be considered as an alternative financial measure to net loss, which is the most directly comparable financial measure calculated in accordance with GAAP, or any other measure of financial performance calculated in accordance with GAAP.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding Wish’s outlook including expectations with respect to revenue and adjusted EBITDA, priorities, initiatives including actions to enhance the user experience and engagement, expectations relating to our advertising spend and plans with respect to investments in user acquisition, expectations regarding turnaround efforts, timelines regarding our ability to achieve growth, new executive hires, product quality, app performance, reducing delivery times and growth opportunities, and quotations from management. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “guidance,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: our ability to attract, retain and monetize users; risks associated with software updates to the platform; increasing requirements on collection of sales and value added taxes; compromises in security; changes by third-parties that restrict our access or ability to identify users; competition; disruption, degradation or interference with the hosting services we use and infrastructure; our financial performance and fluctuations in operating results; pressure and fluctuation in our stock price, including as a result of short selling and short squeezes; challenges in our logistics programs; challenges in growing our Wish Local program and other new initiatives; the continued services of members of our senior management team; our ability to effectively hire additional members of our senior management team; our ability to offer and promote our app on the
The unaudited financial results in this news release are estimates based on information currently available to Wish. While Wish believes these estimates are meaningful, they could differ from the actual amounts that the company ultimately reports in its Quarterly Report on Form 10-Q for the quarter ended
A Note About Metrics
The numbers for some of our metrics, including MAUs, are calculated and tracked with internal tools, which are not independently verified by any third party. We use these metrics to assess the growth and health of our overall business. While these numbers are based on what we believe to be reasonable estimates of our user or merchant base for the applicable period of measurement, there are inherent challenges in measurement as the methodologies used require significant judgment and may be susceptible to algorithm or other technical errors. In addition, we regularly review and adjust our processes for calculating metrics to improve their accuracy, and our estimates may change due to improvements or changes in technology or our methodology.
|
||||||
Condensed Consolidated Balance Sheets |
||||||
(in millions) |
||||||
(unaudited) |
||||||
|
|
As of |
|
As of |
||
|
|
2021 |
|
2020 |
||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ |
1,072 |
$ |
1,965 |
||
| Marketable securities |
|
143 |
|
164 |
||
| Funds receivable |
|
27 |
|
83 |
||
| Prepaid expenses and other current assets |
|
73 |
|
102 |
||
| Total current assets |
|
1,315 |
|
2,314 |
||
| Property and equipment, net |
|
17 |
|
25 |
||
| Right-of-use assets |
|
20 |
|
43 |
||
| Marketable securities |
|
7 |
|
4 |
||
| Other assets |
|
6 |
|
11 |
||
| Total assets | $ |
1,365 |
$ |
2,397 |
||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ |
70 |
$ |
434 |
||
| Merchants payable |
|
216 |
|
454 |
||
| Refunds liability |
|
23 |
|
77 |
||
| Accrued liabilities |
|
209 |
|
367 |
||
| Total current liabilities |
|
518 |
|
1,332 |
||
| Lease liabilities, non-current |
|
18 |
|
38 |
||
| Total liabilities |
|
536 |
|
1,370 |
||
| Stockholders’ equity |
|
829 |
|
1,027 |
||
| Total liabilities and stockholders’ equity | $ |
1,365 |
$ |
2,397 |
||
|
||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||
(in millions, except per share amounts) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
| Revenue | $ |
368 |
|
$ |
606 |
|
$ |
1,796 |
|
$ |
1,747 |
|
||||
| Cost of revenue(1) |
|
201 |
|
|
241 |
|
|
808 |
|
|
605 |
|
||||
| Gross profit |
|
167 |
|
|
365 |
|
|
988 |
|
|
1,142 |
|
||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing(1) |
|
147 |
|
|
386 |
|
|
1,013 |
|
|
1,125 |
|
||||
| Product development(1) |
|
54 |
|
|
24 |
|
|
157 |
|
|
72 |
|
||||
| General and administrative(1) |
|
29 |
|
|
33 |
|
|
121 |
|
|
65 |
|
||||
| Total operating expenses |
|
230 |
|
|
443 |
|
|
1,291 |
|
|
1,262 |
|
||||
| Loss from operations |
|
(63 |
) |
|
(78 |
) |
|
(303 |
) |
|
(120 |
) |
||||
| Other income (expense), net: | ||||||||||||||||
| Interest and other income (expense), net |
|
3 |
|
|
(8 |
) |
|
11 |
|
|
— |
|
||||
| Remeasurement of redeemable convertible preferred stock warrant liability |
|
— |
|
|
(12 |
) |
|
— |
|
|
(55 |
) |
||||
| Loss before provision for income taxes |
|
(60 |
) |
|
(98 |
) |
|
(292 |
) |
|
(175 |
) |
||||
| Provision for income taxes |
|
4 |
|
|
1 |
|
|
11 |
|
|
1 |
|
||||
| Net loss | $ |
(64 |
) |
$ |
(99 |
) |
$ |
(303 |
) |
$ |
(176 |
) |
||||
| Net loss per share, basic and diluted | $ |
(0.10 |
) |
$ |
(0.92 |
) |
$ |
(0.49 |
) |
$ |
(1.65 |
) |
||||
| Weighted-average shares used in computing net loss per share, basic and diluted |
|
628 |
|
|
108 |
|
|
623 |
|
|
107 |
|
||||
| (1) includes the following stock-based compensation expense: | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
| Cost of revenue | $ |
5 |
|
$ |
— |
|
$ |
15 |
|
$ |
— |
|
||||
| Sales and marketing |
|
4 |
|
|
— |
|
|
10 |
|
|
— |
|
||||
| Product development |
|
17 |
|
|
— |
|
|
46 |
|
|
— |
|
||||
| General and administrative |
|
4 |
|
|
9 |
|
|
33 |
|
|
9 |
|
||||
| Total stock-based compensation expense | $ |
30 |
|
$ |
9 |
|
$ |
104 |
|
$ |
9 |
|
||||
|
||||||||||||||||
Consolidated Statements of Cash Flows |
||||||||||||||||
(in millions) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net loss | $ |
(64 |
) |
$ |
(99 |
) |
$ |
(303 |
) |
$ |
(176 |
) |
||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||
| Noncash inventory write downs |
|
12 |
|
|
— |
|
|
12 |
|
|
— |
|
||||
| Depreciation and amortization |
|
2 |
|
|
4 |
|
|
7 |
|
|
9 |
|
||||
| Noncash lease expense |
|
3 |
|
|
2 |
|
|
10 |
|
|
7 |
|
||||
| Stock-based compensation expense |
|
30 |
|
|
9 |
|
|
104 |
|
|
9 |
|
||||
| Remeasurement of redeemable convertible preferred stock warrant liability |
|
— |
|
|
12 |
|
|
— |
|
|
55 |
|
||||
| Other |
|
(5 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Funds receivable |
|
19 |
|
|
10 |
|
|
56 |
|
|
28 |
|
||||
| Prepaid expenses, other current and noncurrent assets |
|
(3 |
) |
|
25 |
|
|
30 |
|
|
14 |
|
||||
| Accounts payable |
|
(185 |
) |
|
(97 |
) |
|
(364 |
) |
|
126 |
|
||||
| Merchants payable |
|
(97 |
) |
|
(318 |
) |
|
(238 |
) |
|
(133 |
) |
||||
| Accrued and refund liabilities |
|
(45 |
) |
|
(4 |
) |
|
(181 |
) |
|
85 |
|
||||
| Lease liabilities |
|
(4 |
) |
|
(3 |
) |
|
(11 |
) |
|
(7 |
) |
||||
| Other current and noncurrent liabilities |
|
(7 |
) |
|
(13 |
) |
|
(24 |
) |
|
8 |
|
||||
| Net cash provided by (used in) operating activities |
|
(344 |
) |
|
(472 |
) |
|
(902 |
) |
|
24 |
|
||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of property and equipment |
|
— |
|
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
||||
| Purchases of marketable securities |
|
(111 |
) |
|
(47 |
) |
|
(235 |
) |
|
(225 |
) |
||||
| Sales of marketable securities |
|
50 |
|
|
— |
|
|
50 |
|
|
— |
|
||||
| Maturities of marketable securities |
|
79 |
|
|
59 |
|
|
202 |
|
|
303 |
|
||||
| Net cash provided by investing activities |
|
18 |
|
|
11 |
|
|
16 |
|
|
77 |
|
||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from sales of shares through employee equity incentive plans |
|
— |
|
|
1 |
|
|
6 |
|
|
2 |
|
||||
| Payment of taxes related to RSU settlement |
|
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
||||
| Other |
|
— |
|
|
(2 |
) |
|
(1 |
) |
|
(3 |
) |
||||
| Net cash used in financing activities |
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
||||
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(326 |
) |
|
(462 |
) |
|
(886 |
) |
|
100 |
|
||||
| Cash, cash equivalents and restricted cash at beginning of period |
|
1,405 |
|
|
1,316 |
|
|
1,965 |
|
|
754 |
|
||||
| Cash, cash equivalents and restricted cash at end of period | $ |
1,079 |
|
$ |
854 |
|
$ |
1,079 |
|
$ |
854 |
|
||||
| Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets: | ||||||||||||||||
| Cash and cash equivalents | $ |
1,072 |
|
$ |
844 |
|
$ |
1,072 |
|
$ |
844 |
|
||||
| Restricted cash included in prepaid and other current assets and other assets in the condensed consolidated balance sheets |
|
7 |
|
|
10 |
|
|
7 |
|
|
10 |
|
||||
| Total cash, cash equivalents and restricted cash | $ |
1,079 |
|
$ |
854 |
|
$ |
1,079 |
|
$ |
854 |
|
||||
|
||||||||||||||||
Reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA |
||||||||||||||||
(in millions) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
| Revenue | $ |
368 |
|
$ |
606 |
|
$ |
1,796 |
|
$ |
1,747 |
|
||||
| Net loss |
|
(64 |
) |
|
(99 |
) |
|
(303 |
) |
|
(176 |
) |
||||
| Net loss as a percentage of revenue |
|
(17 |
)% |
|
(16 |
)% |
|
(17 |
)% |
|
(10 |
)% |
||||
| Excluding: | ||||||||||||||||
| Interest and other expense (income), net |
|
(3 |
) |
|
8 |
|
|
(11 |
) |
|
— |
|
||||
| Provision for income taxes |
|
4 |
|
|
1 |
|
|
11 |
|
|
1 |
|
||||
| Depreciation and amortization |
|
2 |
|
|
4 |
|
|
7 |
|
|
9 |
|
||||
| Stock-based compensation expense |
|
30 |
|
|
9 |
|
|
104 |
|
|
9 |
|
||||
| Employer payroll taxes related to stock-based compensation expense |
|
— |
|
|
— |
|
|
7 |
|
|
— |
|
||||
| Remeasurement of redeemable convertible preferred stock warrant liability |
|
— |
|
|
12 |
|
|
— |
|
|
55 |
|
||||
| Lease impairment related expenses |
|
— |
|
|
— |
|
|
6 |
|
|
— |
|
||||
| Recurring other items |
|
1 |
|
|
1 |
|
|
3 |
|
|
3 |
|
||||
| Adjusted EBITDA |
|
(30 |
) |
|
(64 |
) |
|
(176 |
) |
|
(99 |
) |
||||
| Adjusted EBITDA margin |
|
(8 |
)% |
|
(11 |
)% |
|
(10 |
)% |
|
(6 |
)% |
||||
|
|||||||||||||||
Reconciliation of GAAP |
|||||||||||||||
(in millions) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
|
|
|
|||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||
| (in millions) | |||||||||||||||
| Cash provided by (used in) operating activities | $ |
(344 |
) |
$ |
(472 |
) |
$ |
(902 |
) |
$ |
24 |
||||
| Less: | |||||||||||||||
| Purchases of property and equipment |
|
— |
|
|
1 |
|
|
1 |
|
|
1 |
||||
| Free Cash Flow | $ |
(344 |
) |
$ |
(473 |
) |
$ |
(903 |
) |
$ |
23 |
||||
Non-GAAP Statement of Operations
Our presentation of non-GAAP Statement of Operations excludes the impact of stock-based compensation expense and related payroll taxes. This measure is not a key metric used by our management and board of directors to measure operating performance or otherwise manage the business. However, we provide non-GAAP Statement of Operations as supplemental information to investors, as we believe the exclusion of stock-based compensation expense and related payroll facilitates investors’ operating performance comparisons on a period-to-period basis. You should not consider non-GAAP Statement of Operations in isolation or as a substitute for analysis of our results as reported under GAAP.
|
||||||||||||
Reconciliation of GAAP Statement of Operations to Non-GAAP Statement of Operations |
||||||||||||
(in millions) |
||||||||||||
(unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
GAAP |
|
Non-GAAP
|
|
Non-GAAP |
||||||
|
|
Q3'21 |
|
(1) |
|
Q3'21 |
||||||
| (in millions) | ||||||||||||
| Revenue | $ |
368 |
|
$ |
— |
|
$ |
368 |
|
|||
| Cost of revenue |
|
201 |
|
|
(5 |
) |
|
196 |
|
|||
| Gross profit |
|
167 |
|
|
5 |
|
|
172 |
|
|||
| Operating expenses: | ||||||||||||
| Sales and marketing |
|
147 |
|
|
(4 |
) |
|
143 |
|
|||
| Product development |
|
54 |
|
|
(17 |
) |
|
37 |
|
|||
| General and administrative |
|
29 |
|
|
(4 |
) |
|
25 |
|
|||
| Total operating expenses |
|
230 |
|
|
(25 |
) |
|
205 |
|
|||
| Loss from operations |
|
(63 |
) |
|
30 |
|
|
(33 |
) |
|||
| Interest and other expense, net |
|
3 |
|
|
— |
|
|
3 |
|
|||
| Loss before provision for income taxes |
|
(60 |
) |
|
30 |
|
|
(30 |
) |
|||
| Provision for income taxes |
|
4 |
|
|
— |
|
|
4 |
|
|||
| Net loss | $ |
(64 |
) |
$ |
30 |
|
$ |
(34 |
) |
|||
| (1) Stock-based compensation | ||||||||||||
|
||||||||||||||||
Reconciliation of GAAP Statement of Operations to Non-GAAP Statement of Operations |
||||||||||||||||
(in millions) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
Three Months Ended |
||||||||||||||
|
|
GAAP |
|
Non-GAAP
|
|
Non-GAAP |
||||||||||
|
|
Q3'20 |
|
(1) |
|
(2) |
|
Q3'20 |
||||||||
|
|
(in millions) |
||||||||||||||
| Revenue | $ |
606 |
|
$ |
— |
|
$ |
— |
|
$ |
606 |
|
||||
| Cost of revenue |
|
241 |
|
|
— |
|
|
— |
|
|
241 |
|
||||
| Gross profit |
|
365 |
|
|
— |
|
|
— |
|
|
365 |
|
||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing |
|
386 |
|
|
— |
|
|
— |
|
|
386 |
|
||||
| Product development |
|
24 |
|
|
— |
|
|
— |
|
|
24 |
|
||||
| General and administrative |
|
33 |
|
|
(9 |
) |
|
— |
|
|
24 |
|
||||
| Total operating expenses |
|
443 |
|
|
(9 |
) |
|
— |
|
|
434 |
|
||||
| Loss from operations |
|
(78 |
) |
|
9 |
|
|
— |
|
|
(69 |
) |
||||
| Other expense, net: | ||||||||||||||||
| Interest and other expense, net |
|
(8 |
) |
|
— |
|
|
— |
|
|
(8 |
) |
||||
| Remeasurement of redeemable convertible preferred stock warrant liability |
|
(12 |
) |
|
— |
|
|
12 |
|
|
— |
|
||||
| Loss before provision for income taxes |
|
(98 |
) |
|
9 |
|
|
12 |
|
|
(77 |
) |
||||
| Provision for income taxes |
|
1 |
|
|
— |
|
|
— |
|
|
1 |
|
||||
| Net loss | $ |
(99 |
) |
$ |
9 |
|
$ |
12 |
|
$ |
(78 |
) | ||||
| (1) Stock-based compensation | ||||||||||||||||
| (2) Remeasurement of redeemable convertible preferred stock warrant liability | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110006210/en/
Investor Relations:
ir@wish.com
Media contacts:
press@wish.com
Source: Wish
FAQ
What were Wish's financial results for Q3 2021?
What is the outlook for Wish in Q4 2021?
Who is the new CEO of Wish after Piotr Szulczewski's resignation?
How much did Wish lose in Q3 2021?
What initiatives did Wish launch to improve its marketplace?
