Shares of ContextLogic fell, after the company reported a wider than expected net loss for the second-quarter.
The parent of the Wish mobile e-commerce platform incurred a loss of -18 cents a share in the quarter, compared with a loss of a dime a share in the year-earlier quarter. Analysts polled by FactSet expected a GAAP net loss of -13 cents a share.
Revenue fell to $656 million in the quarter, vs. $701 million in the year-ago quarter. Analysts surveyed by FactSet expected $722.9 million.
ContextLogic indicated in a letter to shareholders that as economies reopened, the numbers of buyers installing and using the company's app decreased more than the company expected.
The year-ago comparison was difficult since the pandemic was a tailwind to the company as more people shopped online and brick-and-mortar stores were closed.