ContextLogic, Inc. WISH shares are moving Tuesday. The company announced a plan to reduce its workforce, better align its resources, and improve operational efficiency. Here's a look at what's going on.
What To Know:
Regular trading of WISH was halted on Tuesday morning pending the news release. ContextLogic announced that the company will reduce its U.S. workforce by about 160 employees, representing about 41% of its domestic workforce. ContextLogic stated that it will also reduce its non-U.S. workforce by about 95 employees.
The company said that it expects to realize a run-rate savings of between $43 million and $45 million on an annualized basis beginning in the fourth quarter of this year.
ContextLogic will release its second quarter financial results on Friday and will host a conference call to discuss the results at 5:00 p.m. ET the same day. The company is expected to report a loss of $3.74 per share and revenue of $94.25 million, according to estimates from Benzinga Pro.
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WISH Price Action: According to Benzinga Pro, WISH shares are trading 4.58% lower at $9.07 at the time of publication.
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