Why ContextLogic Stock Was Surging Earlier Today
Shares of ContextLogic (NASDAQ: WISH) were up 20% as of 10:25 a.m. ET on Thursday following the company's third-quarter earnings report. The price jump brings the stock's year-to-date performance to down 75% in 2022.
The mobile e-commerce platform reported a loss per share of $0.18 that was slightly below analysts' estimates. The market also shrugged off a bad miss on the top line, where revenue of $125 million was almost half of estimates calling for $212 million.
ContextLogic operates a mobile shopping app that seeks to make browsing more fun, while saving consumers money. The company reported a revenue decline of 66% year over year, which is consistent with prior quarters. But the stock's steep sell-off over the last year already accounts for that weakness.
Source Fool.com
