ContextLogic Inc WISH shares are trading lower in Tuesday's after-hours session after the company reported mixed financial results.
ContextLogic said second-quarter revenue decreased 80% year-over-year to $134 million, which missed the estimate of $164.4 million, according to Benzinga Pro. The company reported a quarterly net loss of 13 cents per share, which beat the estimate for a loss of 16 cents per share.
"While we are not immune to changes in consumer spending habits driven by macroeconomic factors, which could impede our accelerated growth plans for the second half of 2022, we are confident in moving forward with our exciting new initiatives, such as the rebranding of Wish and the relaunch of Women's Fashion," said Vijay Talwar, CEO of ContextLogic.
ContextLogic said it anticipates a third-quarter adjusted EBITDA loss in the range of $110 million to $130 million.
In connection with its financial results, ContextLogic announced that Piotr Szulczewski has resigned from the company's board. Larry Kutscher has been selected as an independent director and a member of the audit committee, effective immediately.
WISH Price Action: ContextLogic has a 52-week high of $3.26 and a 52-week low of $1.20.
The stock was down 2.98% in after-hours at $1.63 at press time.
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