- Wish (WISH) recently reported its Q2 2022 earnings results. These are the details.
Wish (WISH) recently reported its Q2 2022 earnings results. Below are the highlights.
Q2 Fiscal 2022 Financial Highlights
– Revenues: Revenues were $134 million, a decrease of 80% YoY
– Core Marketplace revenues were $54 million, down 86% YoY
– Product Boost revenues were $11 million, down 78% YoY
– Logistics revenues were $69 million, down 70% YoY
– Net Loss: Net Loss was $90 million, a 19% YoY improvement
– Net Loss per share was $0.13, compared to a loss of $0.18 per share in the second quarter of fiscal 2021
– Adjusted EBITDA: Adjusted EBITDA was a loss of $58 million, an improvement of 13% YoY
– Cash Flow: Cash flows from operating activities were negative $67 million
– Free Cash Flow was negative $67 million, compared to negative $205 million in the second quarter of fiscal 2021
Q3 Fiscal 2022 Financial Guidance
Adjusted EBITDA: Adjusted EBITDA is expected to be a loss in the range of ($110) million to ($130) million.
“We remain laser-focused on the transformation of our business and have already made some significant improvements to the consumer experience, delivery times, and customer service, which have led to an increase in NPS scores and lower product refund rates. While we are not immune to changes in consumer spending habits driven by macroeconomic factors, which could impede our accelerated growth plans for the second half of 2022, we are confident in moving forward with our exciting new initiatives, such as the rebranding of Wish and the relaunch of Women’s Fashion.”
– Vijay Talwar, Wish CEO