Contextlogic Inc. (NASDAQ: WISH) stock plunged by 0.84% at last close whereas the WISH stock price gains by 4.84% during pre-market session. WISH, which was established in 2010 and is headquartered in San Francisco, is one of the world’s biggest and fastest-growing ecommerce websites, linking millions of value-conscious shoppers in over 100 countries to over half a million merchants worldwide. WISH creates a highly visual, engaging, and customized shopping environment for its customers by combining technology and data science technologies with a creative discovery-based mobile shopping experience.
Upcoming Important Events
- WISH revealed on May 10, 2021 that it will release its first quarter 2021 financial results after the market closes on Wednesday, May 12, 2021 which is today. Wish’s founder and CEO, Peter Szulczewski, and CFO, Rajat Bahri, will hold a live conference call and webcast later that afternoon to discuss the outcome.
- WISH has also confirmed its participation at J.P. Morgan’s 49th Annual Global Technology, Media, and Communications Conference, which will take place on Monday, May 24, 2021 at 12:30 p.m.
How does WISH works?
Wish’s e-commerce platform was created by ContextLogic. Unlike its rivals Amazon and Shopify, WISH is solely concerned with prices when it comes to its clients. Wish buys its low-cost, unbranded products directly from Chinese suppliers, avoiding the expense of branding, promotion, and customer service, which are passed on to customers. It does, without a doubt, have a business model that prioritizes low prices above all else, but it is remarkably popular. Wish, believe it or not, is the most used shopping app in more than 42 countries. It has a monthly active user base of over 107 million people.
WISH’s sales increased by 34% year over year to $2.5 billion last year, with a 193 percent rise in logistics revenue. Furthermore, WISH’s number of affiliate merchants increased by 435 percent to 550,000. Wish is available in over 100 countries, but it is particularly common in Europe, where it accounts for 46% of all sales. WISH executed a $1.1 billion IPO last year in order to expand its activities. Wish has found itself doing very well in a niche market for the time being.