MarketWise Q4 net income $1.9M; fraud leads to wind-down of Legacy Research unit

MARKETWISE, INC.

Q4 GAAP net income $1.9M vs $27.6M last year; revenue $112.2M vs $127.7M.
Full-year revenue $448.2M, down from $512.4M; paid subscribers fell to 737k from 841k.
Former employee Jon Mikula criminally charged for undisclosed payments; company winding down entire Legacy Research unit.
Restructuring cut >100 FTEs, eliminated 40 products; annualized cost savings ~$18M; Q4 severance cost ~$18M.
Total billings $382.4M vs $459.5M in 2022; renewal billings grew to $96.8M from $70.3M in 2019.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MARKETWISE, INC. reported the fourth quarter ended December 31, 2023 results: revenue $112.2 million, net income $1.9 million.

Period: the fourth quarter ended December 31, 2023
Revenue: $112.2 million
Net income: $1.9 million
Result: reported results

Exact text from the filing

For the fourth quarter of 2023, MarketWise generated net income of $1.9 million on GAAP net revenue of $112.2 million.

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MARKETWISE, INC. filing history →

Source: SEC EDGAR

accession 0001628280-24-009544

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