ContextLogic rises on job cuts

ContextLogic Holdings

31/01/2023 19:34

** Shares of e-commerce company ContextLogic Inc  WISH.O  up
7.2% at 69 cents
    ** Co says it is cutting 150 jobs, or 17% of its global
workforce  urn:newsml:reuters.com:*:nFWN34G1OR
    ** WISH expects to incur non-recurring charges of about $3
million to $4 million in first quarter of 2023
    ** Co says it expects run-rate savings of about $14 million 
to $23 million on an annual basis from the third quarter of 2023
    ** WISH dropped 86% in 2022
 (Reporting by Saikeerthi in Bengaluru)
 ((Saikeerthi@thomsonreuters.com;))