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ContextLogic (NASDAQ:WISH) stock is falling hard on Friday after the company released its earnings report for the second quarter of 2023!
The bad news for WISH stock starts with earnings per share of -$3.34 in Q2 2023. That’s worse than Wall Street’s EPS estimate of -$2.63 for the quarter. Even if it’s an improvement over the -$4.05 per share reported in the same period of the year prior.
To go along with this, the company’s revenue for the quarter came in at $78 million. That’s another blow to WISH stock, considering analysts were expecting revenue of $94.61 million. Investors will note that’s a 42% drop in revenue year-over-year.
Joe Yan, CEO of Wish, said the following in the e-commerce company’s latest earnings report:
“Our second quarter results reflect a continuingly challenging operating environment. While our adjusted EBITDA results were in-line with expectations, we experienced macro and competitive pressure on our top-line performance with total revenues declining 42% year-over-year.”
Guidance Slams WISH Stock
Also not helping ContextLogic today is the company’s guidance for the third quarter of the year. This has it expecting revenue to range from $55 million to $65 million. That’s nowhere close to Wall Street’s revenue estimate of $101.88 million for the upcoming quarter.
With all of this negative news comes heavy trading of WISH stock as investors sell shares. That has some 1.9 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is about 885,000 shares.
WISH stock is down 22.7% as of Friday morning and is down 55.9% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.