Wish releases Q3 2023 financial report, revenue down 52% year-on-year

It is learned that on November 7, Wish released its Q3 2023 performance report, showing that its total revenue was US$60 million, a year-on-year decrease of 52%, and other revenue indicators also showed a significant decline. However, due to reduced cost expenditures, Wish's losses have decreased.

Data shows that in the third quarter of 2023, Wish's core market revenue was US$19 million, a year-on-year decrease of 53%; ProductBoost revenue was US$5 million, a year-on-year decrease of 55%; and logistics revenue was US$36 million, a year-on-year decrease of 51%.

In the third quarter, Wish's net loss was $80 million, compared with $124 million in the third quarter of 2022, and the reduction in net losses was due to a decrease in operating expenses. In addition, Wish's adjusted EBITDA loss improved to $54 million, compared with a loss of $95 million in the same period last year, exceeding the upper limit of the guidance range.

Wish CEO Joe Yan said the platform aims to achieve growth by expanding the product range of beauty, health and consumer electronics categories. Wish plans to use generative artificial intelligence to create personalized shopping content and experience, and plans to invest in improving its search experience, enhancing video and exploration features, optimizing incentives and transactions, and launching new growth channels.

Wish Chief Operating Officer and Chief Financial Officer Vivian Liu expects total revenue in the fourth quarter to be between $50 million and $60 million, with adjusted EBITDA loss in the range of ($55 million to $65 million), and revenue is expected to continue to be under pressure due to the impact of enhanced customer acquisition by existing and new competitors in the e-commerce field.

Editor✎ Ashley/

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