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Mar 31, 2023
Wish Q1 2023 Earnings Report
Reported a decrease in revenue and a net loss, but showed improvements in unit economics and disciplined spending.
Key Takeaways
Wish's first-quarter 2023 revenue declined by 49% year-over-year to $96 million. Net loss was $89 million, and adjusted EBITDA was a loss of $62 million. The company is focused on improving conversion rates, buyer retention, and customer satisfaction.
Revenue decreased by 49% year-over-year, mainly due to pricing changes and lower advertising spend.
Net loss was $89 million, compared to a net loss of $60 million in the first quarter of fiscal 2022.
Adjusted EBITDA was a loss of $62 million, above the midpoint of the guidance range.
A $50 million share repurchase program was authorized by the Board.
Forward Guidance
Wish expects revenue to be in the range of $91 million to $102 million and Adjusted EBITDA to be a loss in the range of $60 million to $75 million for the second quarter of fiscal 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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