WISH - ContextLogic slashes 34% jobs globally - filing

2023-08-01 15:58:53 ET

• ContextLogic ( NASDAQ: WISH ) d/b/a Wish disclosed in a filing Tuesday that it will reduce its workforce by about 255 employees, or about 34% of its global workforce.
• The reduction includes about 160 employees in the United States and about 95 non-U.S. employees.
• The company estimates that it will incur non-recurring charges of approximately $8.7 million related to severance payments to the affected employees globally.
• The company said it expects the majority of the charges to be incurred in the third quarter of 2023 and that the implementation of the RIF plan will be substantially complete by the end of fiscal year 2023.
• The company said it expects to realize run-rate savings of about $43 million to $46 million on an annualized basis starting in the fourth quarter of 2023.
• SEC filing .
• Shares -8.4% at $8.70.

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