Wish achieved a strong start with a revenue growth of more than 70% in the first quarter

Wish achieved a strong start with a revenue growth of more than 70% in the first quarter

Wish's first-quarter revenue reached $772 million

 

Wish's financial report shows that its revenue in the first quarter was $772 million, while the market expected $743 million, and compared with last year's $440 million, a year-on-year increase of 75%. Its net loss was $128 million, while the market expected a loss of $115 million and a loss of $66 million in the same period last year.

 

 

The founder of Wish said that the performance in the first quarter has exceeded expectations, and the leverage in its business model has also played a significant role. Wish's revenue growth in the first quarter was mainly due to Biden's repeated distribution of money, which led to an increase in consumers' online spending. Wish is undoubtedly the biggest beneficiary of consumer stimulus, and has reached a new milestone in the number of users and sellers.

 
Wish's previously released financial report shows that as of December 31, 2020, its annual revenue reached US$2.541 billion, an increase of 34% compared to US$1.901 billion in 2019. The profit obviously drove its revenue growth. Among them, the net loss for the whole year reached US$745 million, accounting for 29% of the annual revenue, which also shows that Wish's revenue in 2020 was not excellent and needs to be improved.

 

Wish's monthly active users grew 19% in 2020

 

Active users drive Wish's revenue growth and attract a large number of sellers. According to the 2020 financial report, its monthly active users (MAU) increased by 19% year-on-year to over 107 million. It makes sense that many sellers want to invest more in the Wish platform.


In addition, the number of Wish merchants in the United States increased by 435% year-on-year, which is also a major focus for sellers. It should be noted that previously the sellers on Wish were mainly Chinese sellers. Wish's move undoubtedly sounded a wake-up call for Chinese sellers, whether to choose to continue working on Wish or to find another way to seek greater development.
 
In addition, in 2021, Wish also adjusted the focus of its business development, attracting more effective users while maintaining existing users to improve its profitability, thereby driving the long-term growth of Wish users and sellers. Wish also stated in its financial report that it will further optimize its logistics infrastructure, such as expanding operating categories, opening up businesses, and enhancing users' online experience.
 
In 2021, Wish stated that it will prioritize customer acquisition and monetization capabilities to give users more choices, but many sellers have reported that Wish also has many problems. In short, we still have to wait and see how Wish will develop in the future.



Wish

First quarter

Financial Report

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