ContextLogic 2023 layoffs: what you need to know about the latest WISH job cuts
ContextLogic (NASDAQ:WISH) layoffs are underway as the company behind e-commerce platform Wish cuts jobs!
These layoffs will see ContextLogic reduce its workforce by 17%, which represents 150 of the company’s employees. This leads him to expect charges of between $3 million and $4 million related to the job cuts.
The timing of the layoffs makes ContextLogic expect most of them to take place in the first quarter of 2023. This allows it to expect to complete the layoffs by the end of the second quarter of the year. .
With these job cuts, ContextLogic expects to reduce costs. The company says annual savings will range from $14 million to $23 million starting in the third quarter of the year. This will contribute to its plan to “support its ongoing efforts to prioritize activities, better align resources and improve operational efficiency.”
ContextLogic lays off CEO comments
Joe Yan, interim CEO of ContextLogic, said the following about the layoffs in a letter to employees.
“I have difficult news. Today, up to 150 team members will leave Wish. Some employees will leave as part of our annual review process, and others will leave as we seek to reduce costs in non-business-critical areas.”
WISH stock was initially boosted by layoff news this morning, but is down 1.8% at the time of this writing.
Investors looking for information on the latest stock market news will want to keep reading!
InvestorPlace houses all the latest stock hedging information traders need to know on Wednesday! Among this news are even more layoffs of Reached (NASDAQ:UPST), HubSpot (NYSE:HUBS), and Match (NASDAQ:MTCH). Traders can learn all about these layoffs by clicking on the links below!
More news on Wednesday layoffs
As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.