Wish Q3 2021 Earnings Report
Key Takeaways
Wish reported a decrease in revenue for Q3 2021, but exceeded bottom-line guidance due to more efficient advertising spend. The company focused on implementing strategic improvements, including Wish Standards and Wish Clips, to enhance user experience and drive long-term growth. Piotr Szulczewski is stepping down as CEO and will remain on the board.
Revenue decreased by 39% year-over-year to $368 million.
Core Marketplace revenue decreased by 55% year-over-year to $183 million.
Logistics revenue decreased by 3% year-over-year to $148 million.
Net loss was $64 million, compared to a net loss of $99 million in the same quarter last year.
Wish
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Forward Guidance
Wish anticipates Q4 revenue to be lower than Q3 due to ongoing reduction of ad spend, with Adjusted EBITDA expected to be between $(35) million and $(30) million.