share_log

ContextLogic | 10-K: Annual report

SEC announcement ·  Mar 5 12:50
Summary by Moomoo AI
ContextLogic, operating under the stock symbol WISH on the Nasdaq, reported a challenging financial year for 2023. The company's total revenue plummeted to $287 million, a significant drop from the previous year's $571 million. This decline was primarily attributed to decreased marketplace and logistics revenue, resulting from reduced Monthly Active Users (MAUs) and Last Twelve Months (LTM) Active Buyers. The company's net loss widened to $317 million, compared to $384 million in the prior year. Despite a decrease in operating expenses, including a $111 million reduction in sales and marketing expenses, ContextLogic's financial health remains under pressure with an accumulated deficit of $3.2 billion. The company's Adjusted EBITDA also reflected a negative outlook, with a loss of $236 million and a margin of...Show More
ContextLogic, operating under the stock symbol WISH on the Nasdaq, reported a challenging financial year for 2023. The company's total revenue plummeted to $287 million, a significant drop from the previous year's $571 million. This decline was primarily attributed to decreased marketplace and logistics revenue, resulting from reduced Monthly Active Users (MAUs) and Last Twelve Months (LTM) Active Buyers. The company's net loss widened to $317 million, compared to $384 million in the prior year. Despite a decrease in operating expenses, including a $111 million reduction in sales and marketing expenses, ContextLogic's financial health remains under pressure with an accumulated deficit of $3.2 billion. The company's Adjusted EBITDA also reflected a negative outlook, with a loss of $236 million and a margin of -82%. Free Cash Flow was negative at $344 million. ContextLogic's business development faced significant restructuring, including workforce reductions and the exit from various office leases. In a strategic move, ContextLogic entered into an Asset Purchase Agreement with Qoo10, planning to sell most of its assets while retaining certain tax attributes and cash equivalents. The transaction is expected to close in the second quarter of 2024, subject to stockholder approval. ContextLogic's future plans involve leveraging its network effects and data advantage to align user and merchant success with its own, despite the current economic challenges and the anticipated continuation of operational losses.

This announcement is a separate document:

Doc 1

Doc 2

Doc 3

Doc 4

Doc 5

Doc 6

Doc 7

Doc 8

Doc 9

Doc 10

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more