Popular retail investor stock ContextLogic Inc WISH saw shares drop on its second-quarter financial results.
What Happened: ContextLogic reported second-quarter revenue of $656 million, down 6% year-over-year. The revenue total missed a Street estimate of $723 million.
The company’s Core Marketplace segment saw sales fall 32% year-over-year to $378 million.
The company reported a net loss of $111 million in the second quarter versus a net loss of $11 million a year ago. The company’s net loss stands at $239 million in the first six months of the fiscal year versus a loss of $77 million in the comparable period last year.
See Also: 'WISH Will Be Over $100 One Day': Mr. Zack Morris On ContextLogic
CEO Piotr Szulczewski said second-quarter results did not meet company expectations. He said improving the performance of the app will drive new user growth, retention and profitability going forward.
"Overall, we expected user retention to improve now that we have more reliable logistics, but instead retention declined," the company said in its shareholder letter. “Globally we saw a 13% reduction in app installs and a 15% reduction in average time spent on our platform in Q2."
WISH Price Action: WISH shares are down 18% to $7.69 in after-hours trading.
See also: HOW TO BUY CONTEXTLOGIC (WISH) STOCK
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