What's Going On With Wish Stock Today?

ContextLogic Inc. WISH shares fell on Thursday. The stock is down nearly 60% year-to-date.

What To Know: On Aug. 3, ContextLogic posted second-quarter earnings. The company reported quarterly losses of $3.38 per share, which beat the analyst consensus estimate of $3.74, a 13.33% increase over losses of $3.90 per share from the same period last year. The company reported quarterly sales of $78.00 million, which missed the analyst consensus estimate of $94.25 million, a 41.79% decrease over sales of $134.00 million in the same period last year.

Also of note, during the past month, the company's board approved a plan to reduce its workforce by 34%. The news caused the stock to trade lower. The stock did benefit from Amazon's announcement of strong Prime Day sales in mid-July, however, at the end of June, Loop Capital downgraded the stock from Hold to Sell and announced a $7 price target, causing it to sink.

Related Link: Autoworkers Union Talks Drive Ford And General Motors Stock Lower

WISH Price Action: Shares of WISH were down 1.70% at $5.78 at the time of publication, according to Benzinga Pro.

Image by Tumisu from Pixabay