ContextLogic Inc. (WISH), a mobile commerce company, has surged 6.04% in aftermarket trading session and consequently is trading at $2.81 at the time of the writing. During Monday’s regular trading session, the stock soared by 14.72% and closed the day at $2.65. The surge could be attributed to the appointment of the new CEO.
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Why WISH Soaring?
On Monday, WISH announced the appointment of VijayTalwar as Chief Executive Officer as well as a member of the company’s Board of Directors. His appointment was to become effective from 1st of February, 2022 i.e. today. Vijay succeeds the founder and former CEO of the company, PiotrSzulczewski. Pitor would continue to serve as a member of the company’s Board of Directors. Before joining ContextLogic, Vijay has served as the president of Foot Locker Digital.
Collaboration with NASDAQ
On the 16th of December, WISH announced to have entered into collaboration with NASDAQ on the installation of a co-branded vending machine shopping experience at 4 Times Square. The popup was to remain open from December 16th to December 18th, 2021. It was intended to provide the residents of New York with an opportunity to shop for their last-minute holiday must-haves. The vending machines were also to include tech essentials like LED light-up beanies, portable power banks, and motion sensor night lights.
Q3 2021 Results
In early November, WSH released the quarterly results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated revenue of $368 million during the quarter against $606 million for the same quarter of 2020. The total operating expenses for the three-month period were $230 million against $443 million for the same three-month period of 2020. The net loss suffered by the company during the period was $64 million (or $0.10 per share) against $99 million (or $0.92 per share) for the same period of 2020.
Future Outlook for WISH
During the last three months, WISH stock has declined by more than 48%. However, more recent stats point toward a better trajectory for the stock. Looking ahead, analysts believe that the stock has got several negative signals associated with it at the moment, and hence, it is expected to perform weakly in the next few days.
