Summary by Futu 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