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Sep 30, 2021
Wish Q3 2021 Earnings Report
Revenue decreased due to reduced digital advertising spend, while strategic initiatives were implemented to improve buyer confidence and user experience.
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
Wish
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.