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ContextLogic | 8-K: Wish Reports Fourth-Quarter and Fiscal Year 2023 Financial Results

SEC announcement ·  Mar 4 17:41
Summary by Moomoo AI
On March 4, 2024, ContextLogic Inc., operating as Wish and listed on the Nasdaq under the symbol WISH, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company experienced a significant decline in revenue, with a 57% year-over-year decrease to $53 million in the fourth quarter. Core Marketplace, Product Boost, and Logistics revenues all saw substantial declines. The net loss for the quarter was $68 million, an improvement from the $110 million loss in the same period of the previous year. The net loss per share was $2.82, compared to $4.80 per share in the fourth quarter of fiscal 2022. Adjusted EBITDA loss was $54 million, also an improvement from the $95 million loss in the prior year's quarter. Free Cash Flow was...Show More
On March 4, 2024, ContextLogic Inc., operating as Wish and listed on the Nasdaq under the symbol WISH, reported its financial results for the fourth quarter and full year ended December 31, 2023. The company experienced a significant decline in revenue, with a 57% year-over-year decrease to $53 million in the fourth quarter. Core Marketplace, Product Boost, and Logistics revenues all saw substantial declines. The net loss for the quarter was $68 million, an improvement from the $110 million loss in the same period of the previous year. The net loss per share was $2.82, compared to $4.80 per share in the fourth quarter of fiscal 2022. Adjusted EBITDA loss was $54 million, also an improvement from the $95 million loss in the prior year's quarter. Free Cash Flow was negative $75 million, compared to negative $109 million in the fourth quarter of fiscal 2022. Additionally, ContextLogic announced on February 12, 2024, that it had entered into an agreement to sell substantially all of its operating assets to Qoo10 for approximately $173 million in cash, which is expected to close in the second quarter of 2024. The company will not host a conference call or live webcast for these financial results due to the pending transaction and has discontinued providing financial guidance.

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