ContextLogic completes Wish asset sale to Qoo10; Q1 revenue down 63%

ContextLogic Inc.

Q1 revenue $36M (-63% YoY); net loss $59M (improved from -$89M YoY).
Net loss per share $2.43 vs $3.83 in Q1 2023.
Post-sale cash, equivalents and securities totaled ~$161M as of April 19, 2024.
Company no longer operates the Wish platform; will seek strategic opportunities including potential NOL utilization.
Asset sale to Qube Network Pte. Ltd. (Qoo10 affiliate) closed April 19, 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ContextLogic Inc. reported the quarter ended March 31, 2024 results: revenue $36 million, net income $59 million, EPS $2.43.

Period: the quarter ended March 31, 2024
Revenue: $36 million
Net income: $59 million
EPS: $2.43
Result: reported results

Exact text from the filing

First-Quarter 2024 Financial Highlights • Revenues : Revenues were $36 million, a decrease of 63% YoY o Core Marketplace revenues were $11 million, down 61% YoY o Product Boost revenues were $3 million, down 63% YoY o Logistics revenues were $22 million, down 63% YoY • Net Loss : Net Loss was $59 million, compared to a net loss of $89 million in the first quarter of fiscal 2023 o Net Loss per share was $2.43, compared to a loss of $3.83 per share in the first quarter of fiscal 2023

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Source: SEC EDGAR

accession 0000950170-24-055714

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