ContextLogic (NASDAQ:WISH) layoffs are on the way as the company behind the Wish e-commerce platform cuts jobs.
These layoffs will see ContextLogic reduce its headcount by 17%, which represents 150 of the company’s employees. This has it expecting charges between $3 million and $4 million in connection to the job cuts.
The timing of the layoffs has ContextLogic expecting most of them to take place in the first quarter of 2023. This has it expecting to complete the layoffs by the end of the second quarter of the year.
With these job cuts, ContextLogic is expecting 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 help with its plan to “support its ongoing business prioritization efforts, better align resources, and improve operational efficiencies.”
ContextLogic Layoffs CEO Comments
Joe Yan, the interim CEO of ContextLogic, said the following about the layoffs in a letter to employees:
“I have some difficult news. Today we will have up to 150 team members leave Wish. Some employees will be leaving as a part of our annual review process, and others will be leaving as we look to reduce costs in non-business critical areas.”
WISH stock initially got a boost from the news of the layoff this morning but is down 1.8% as of this writing.
Investors seeking out more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock coverage traders need to know about on Wednesday! Among that even more layoffs news from Upstart (NASDAQ:UPST), HubSpot (NYSE:HUBS), and Match (NASDAQ:MTCH). Traders can learn all about these layoffs at the links below!
More Wednesday Layoffs News
- Upstart Layoffs 2023: What to Know About the Latest UPST Job Cuts
- HubSpot Layoffs 2023: What to Know About the Latest HUBS Job Cuts
- Match Layoffs 2023: What to Know About the Latest MTCH Job Cuts
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.