Why ContextLogic Stock Crashed Today

Shares of ContextLogic (NASDAQ: WISH) dropped 19.8% on Friday after the e-commerce platform reported disappointing second-quarter results. 

ContextLogic's revenue fell 6% year over year to $656 million. That was far below the $723 million in revenue Wall Street had expected. 

The downturn was driven by a 32% plunge in ContextLogic's core marketplace revenue. The company saw a 13% decrease in app installs and a 15% decline in the average time users spent on its platform as more people returned to stores when the economy reopened.

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Source Fool.com