ContextLogic, operating under the stock code WISH.US, reported a net loss of $59 million for the three months ended March 31, 2024, an improvement from the $89 million net loss in the same period in 2023. The basic and diluted net loss per share decreased to $2.43 from $3.83 year-on-year. Core marketplace revenue saw a significant decline, dropping from $28 million to $11 million, with Europe and North America experiencing the most notable decreases. The company completed a workforce reduction in 2023, incurring charges of approximately $13 million. On April 19, 2024, ContextLogic completed the sale of substantially all of its assets to Qube Network Pte. Ltd., an affiliate of Qoo10 Inc., leaving the company with $161 million in cash, cash equivalents, and marketable securities. Following the asset sale, ContextLogic has exited...Show More

ContextLogic, operating under the stock code WISH.US, reported a net loss of $59 million for the three months ended March 31, 2024, an improvement from the $89 million net loss in the same period in 2023. The basic and diluted net loss per share decreased to $2.43 from $3.83 year-on-year. Core marketplace revenue saw a significant decline, dropping from $28 million to $11 million, with Europe and North America experiencing the most notable decreases. The company completed a workforce reduction in 2023, incurring charges of approximately $13 million. On April 19, 2024, ContextLogic completed the sale of substantially all of its assets to Qube Network Pte. Ltd., an affiliate of Qoo10 Inc., leaving the company with $161 million in cash, cash equivalents, and marketable securities. Following the asset sale, ContextLogic has exited its e-commerce business and is now exploring strategic opportunities for the use of its remaining cash. The company's stockholders approved the asset sale, with approximately 51.5% of the outstanding shares voting in favor. ContextLogic also terminated its Revolving Credit Agreement on the same day. Prior to the asset sale, ContextLogic's key metrics showed a decrease in Monthly Active Users (MAUs) and Last Twelve Months (LTM) Active Buyers, attributed to reduced digital advertising expenditures. The company's liquidity remains strong, with sufficient cash to meet anticipated needs for at least the next 12 months.