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$WISH fires its CEO as core revenue plummets 55% and company burns 25% of its remaining cash balance…

Link to the PR: https://www.businesswire.com/news/home/20211110006210/en/Wish-Reports-Third-Quarter-2021-Financial-Results-and-Provides-Business-Update

  1. Company fires its CEO without a named successor

  2. Core marketplace revenue down 55%

  3. Q4 revenue expected to be even worse than Q3 despite the holidays… unheard of. The company had already completely shut off marketing in Q3, so this means customers are ditching Wish left and right

  4. Most importantly, Free Cash Flow was -$344M this quarter. The company is burning roughly $300M/quarter this year (despite shutting off sales and marketing) and has $1.1B left… At this rate, the company will be insolvent by next summer.

I’m not saying short the stock, but if you think the stock has “bottomed”, I think there’s a good chance the bottom is at $0/share and it’ll get there as soon as next summer.

submitted by /u/randombetch
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