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The stock has been losing momentum due to the company’s disappointing financial performance and recent analysts’ downgrades, however. Shares of WISH have declined 63.7% in price year-to-date and 28.9% over the past three months.
WISH’s revenues came in at $656 million in the fiscal second quarter, ended June 30, reflecting a 6% decline year-over-year. The company missed the $722.92 million consensus estimate. Furthermore, its net loss increased 909.1% from the same period last year to $111 million. WISH reported negative $67 million in EBITDA over this period, indicating a significant decline from its positive year-ago value. Following the disappointing second-quarter results, five of 11 analysts surveyed by FactSet have downgraded the stock. WISH has declined 33.3% in price since reporting its results on August 12.
