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ContextLogic | 8-K: ContextLogic Inc. Reports First-Quarter Financial Results

SEC announcement ·  May 9 04:29
Summary by Futu AI
On May 8, 2024, ContextLogic Inc. reported its financial results for the first quarter ended March 31, 2024. The company experienced a significant decrease in revenue, which dropped by 63% year-over-year to $36 million. This decline was seen across its core marketplace, product boost, and logistics revenues. Despite the decrease in revenue, the net loss improved to $59 million from a net loss of $89 million in the same quarter of the previous year. The net loss per share was $2.43, compared to $3.83 per share in the first quarter of fiscal 2023. As of March 31, 2024, ContextLogic had $250 million in cash and cash equivalents. Following the end of the quarter, ContextLogic completed the sale of substantially all of its assets to Qube Network Pte. Ltd., an affiliate of Qoo10 Inc...Show More
On May 8, 2024, ContextLogic Inc. reported its financial results for the first quarter ended March 31, 2024. The company experienced a significant decrease in revenue, which dropped by 63% year-over-year to $36 million. This decline was seen across its core marketplace, product boost, and logistics revenues. Despite the decrease in revenue, the net loss improved to $59 million from a net loss of $89 million in the same quarter of the previous year. The net loss per share was $2.43, compared to $3.83 per share in the first quarter of fiscal 2023. As of March 31, 2024, ContextLogic had $250 million in cash and cash equivalents. Following the end of the quarter, ContextLogic completed the sale of substantially all of its assets to Qube Network Pte. Ltd., an affiliate of Qoo10 Inc. The sale resulted in the company having approximately $161 million in cash, cash equivalents, and marketable securities, as well as certain tax attributes. CEO Rishi Bajaj expressed satisfaction with the sale of the Wish e-commerce platform and stated that the company's management team is now focused on identifying and executing strategic opportunities for the benefit of ContextLogic and its stockholders. The company has ceased providing financial guidance due to the sale of its operating assets and liabilities. ContextLogic also announced that it expects to begin trading under a new Nasdaq ticker symbol, 'LOGC', within 30 days of April 19, 2024.

This announcement is a separate document:

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