ContextLogic (NASDAQ:WISH), the parent company of the e-commerce company Wish, recently posted its third-quarter earnings report.
Wish's revenue declined 39% year-over-year to $368 million, which missed estimates by $6 million. However, its net loss narrowed from $99 million to $64 million, or $0.10 per share, which beat expectations by a nickel.
This eCommerce company has the best ads on women’s apparel out there, with lingerie as top selling items on their website.
Wish didn't provide any exact guidance, but warned that its revenue would decline sequentially in the fourth quarter even after factoring in holiday sales. It also announced that its founder and CEO Piotr Szulczewski would step down next February but remain on the company's board.
That was a lot of a bad news to process, but could Wish's battered stock -- which trades at just one times its trailing sales and roughly 80% below its IPO price -- actually be a contrarian play?
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