Online e-commerce platform Wish will be laying off 152 employees from its San Francisco headquarters, according to a filing on the California Employment Development Department website.
The layoffs will be effective at the end of the month.
Wish is an e-commerce platform that facilitates transactions between sellers and buyers that was founded in 2010, according to its investor relations page. The company describes itself as “one of the largest global e-commerce platforms,” and says that it connects “millions of value-conscious consumers to thousands of merchants around the world.”
“Wish combines technology and data science capabilities and an innovative discovery-based mobile shopping experience to create a highly visual, entertaining, and personalized shopping experience for its users,” its corporate profile states.
According to its second quarter 2023 financial results, Wish had a 42% decrease in revenue year-over-year.
“Our second quarter results reflect a continuingly challenging operating environment,” said Wish CEO Joe Yan in a statement. “Looking ahead to the remainder of the year, we recognize that macroeconomic uncertainties and competitive pressures will likely persist. In response to this dynamic environment and to position Wish to thrive over the longer term, we are taking aggressive actions to significantly lower our cost structure and improve operational efficiencies.”
Wish has a total of 886 employees, according to the Wall Street Journal. The current round of layoffs represents about 17% of the company’s total workforce.
According to a filing with the United States Securities and Exchange Commission, the local layoffs are part of a broader reduction that will see ContextLogic cut about 34% of its total workforce. Laid-off employees will receive a severance package that includes:
- Severance benefits
- Cash severance payments
- Reimbursement of medical insurance premiums