ContextLogic Inc. (WISH) shares declined 20.09% in after-hours on Thursday, August 12, 2021, and closed the daily trading at $7.52 per share. In the regular trading session, WISH’s stock lost 4.27% as well. WISH shares have moved down 5.71% in the past week. Over the past three months, the stock has gained 16.03%, while over the past six months, it has lost 66.49%. Further, the company has a current market of $5.91 billion and its outstanding shares stood at 619.00 million.

Let’s see what’s going on with the company?

WISH latest financial results announcement

On August 12, 2021, ContextLogic Inc (WISH) reported financial results for its second quarter ended June 30, 2021.

Q2 2021 financial highlights

• WISH reported revenue of $656 million in Q2 2021 compared to $701 million in Q2 2020.
• In Q2 2021, gross profit was $384 million compared to $493 million in Q2 2020.
• The cost of revenue for the second quarter of 2021 was $272 million compared to $208 million in Q2 2020.
• It suffered a net loss of $111 million in Q2 2021 compared to an $11 million net loss in Q2 2020.
• Adjusted EBITDA was $67 million in Q2 2021 compared to $16 million in Q2 2020.
• As of June 30, 2021, the company had $1.6 billion in cash, cash equivalents and marketable securities.

WISH made new appointments

On August 02, 2021, ContextLogic Inc (WISH), appointed Tarun Jain, former product leader from Google, to the newly created position of Chief Product Officer. Mr Jain will report directly to Wish Founder and CEO, Piotr Szulczewski, effective immediately.

Earlier, the company appointed Farhang Kassaei, former Senior Director at Google, to the newly created position of Chief Technology Officer, effective July 12, 2021.

WISH new Payment Services License in Europe

On July 06, 2021, ContextLogic B.V. which is a Dutch subsidiary of ContextLogic Inc (WISH) was granted a Payment Services License by the Dutch Central Bank.

The new Payment Services License will enable the company to process transactions and increase control over the payments value chain in a compliant manner, while also reducing reliance on third parties. In addition to the Netherlands, the license will be passported to the other European markets where Wish operates. Wish will initially utilize the license to pay its EU merchants directly and will explore other payment services in the future. The license will not have an impact on consumers in Europe.

WISH CFO resignation

ContextLogic Inc Chief Financial Officer Rajat Bahri resigned from the company effective July 23, 2021.

Chief Accounting Officer Brett Just and Director of FP&A Jennifer Oliver will serve as interim co-CFOs, reporting directly to Executive Chair, Jackie Reses. Mr. Just and Ms. Oliver have been with Wish since 2017 and 2018, respectively.

Conclusion

WISH stock plummeted after the company was unable to announce appealing financial results for Q2 2021. The company is also facing some legal challenges and we hope that it will return towards positivity soon.