SAN FRANCISCO, March 14, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH), one of the world's largest mobile ecommerce platforms, today announced it has signed satirical YouTubers Zac Alsop and Grandpa Ray to be the face of its fashion category in a campaign that will run from March through to May 2024. The deal has been secured one year on from the serial pranksters faking their way to the top of 2023's London Fashion Week by dressing ‘Grandpa Ray' in a range of outfits styled from eve ...

ContextLogic Inc is trading down in extended hours on Monday after coming in below Street estimates in its fourth financial quarter. Why is $WISH stock trading down in after-hours?Copy link to sectionThe stock is in the red also because $WISH refrained from offering future guidance today citing the pending $173 million transaction with Qoo10 as Invezz reported here. And revenues across all segments did not paint a rosy picture either. ContextLogic saw its core marketplace revenue tank 57% on a year-over-ye ...

SAN FRANCISCO, March 04, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic," the "Company," "we" or "our"), one of the largest mobile ecommerce platforms, today reported its financial results for the quarter and fiscal year ended December 31, 2023. Fourth-Quarter Fiscal 2023 Financial Highlights Revenues: Revenues were $53 million, a decrease of 57% YoY Core Marketplace revenues were $15 million, down 58% YoYProduct Boost revenues were $5 million, down 50% YoYLogistics rev ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39775 ContextLogic Inc. (Exact name of Registrant as specified in its Charter) Delaware 27-2930953 (State or other jurisdiction of in ...

EXHIBIT 99.1 Wish Reports Fourth-Quarter and Fiscal Year 2023 Financial Results SAN FRANCISCO—(BUSINESS WIRE)—March 4, 2024—ContextLogic Inc. (d/b/a Wish) (Nasdaq: WISH) ("ContextLogic," the "Company," "we" or "our"), one of the largest mobile ecommerce platforms, today reported its financial results for the quarter and fiscal year ended December 31, 2023. Fourth-Quarter Fiscal 2023 Financial Highlights Preliminary January 2024 Financial Results This information reflects our preliminary estimates with respe ...

SAN FRANCISCO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH) (“ContextLogic” or the “Company”) today announced it will report its fourth quarter and full year 2023 financial results after the close of market on Monday, March 4, 2024. In light of the pending transaction that was announced on February 12, 2024, the Company will not host a conference call or live webcast to discuss these financial results. About WishFounded in 2010 and headquartered in San Francisco, Wish is o ...

SAN FRANCISCO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today announced it will report its fourth quarter and full year 2023 financial results after the close of market on Monday, March 4, 2024. In light of the pending transaction that was announced on February 12, 2024, the Company will not host a conference call or live webcast to discuss these financial results. About WishFounded in 2010 and headquartered in San Francisco, Wish is on ...

Global online shopping platform Temu is already climbing the ranks in the U.S. Apple Store.Hours after Super Bowl viewers were inundated with ads from discount retailer Temu, an online dollar store that used to have similar buzz was acquired at a price that shows the difficulty of sustaining growth in e-commerce. Wish, which was valued at $14 billion at the time of its IPO in 2020, said Monday that it's being acquired by Singapore's Qoo10 for $173 million in cash, 99% below its peak price. Founded in 2010 a ...

ContextLogic has announced an agreement to sell a significant portion of its operating assets and liabilities, including its eCommerce platform Wish, to Qoo10, an eCommerce platform operating in Asia.The transaction is valued at approximately $173 million in cash, ContextLogic said in a Monday (Feb. 12) press release.Following the completion of the transaction, ContextLogic will remain as a publicly listed entity, preserving approximately $2.7 billion of net operating losses (NOLs), according to the release ...

Financial Data and Key Metrics Changes - In Q3 2023, total revenues were $60 million, down 52% year-over-year, primarily due to lower ad spend [48] - Adjusted EBITDA loss was $54 million, an improvement from a loss of $95 million in Q3 2022 and a loss of $66 million in Q2 2023 [63] - The net loss for Q3 2023 was $80 million, compared to a net loss of $124 million in Q3 2022 [63] - Operating cash flow and free cash flow improved to negative $86 million from negative $100 million in Q3 2022 [24] Business Line Data and Key Metrics Changes - Gross profit for Q3 was $14 million, a decline of 59% year-over-year, with gross margin at 23% compared to 27% in Q3 2022 [58] - Total operating expenses were $94 million, a reduction of 42% year-over-year, driven by reduced ad spend and lower employee headcount [28] - The average transaction value increased by 31% year-over-year, while buyer conversion rates improved by approximately 5% [19] Market Data and Key Metrics Changes - Monthly active users declined by 54% to 11 million, and last 12-months active buyers decreased by 44% to 9 million [56] - The decline in user metrics was largely attributed to reduced ad spend over the past several quarters [56] Company Strategy and Development Direction - The company is focused on improving customer experience and driving user engagement through initiatives like the "Keep Shopping" feature [49] - Plans to expand product offerings in the beauty and health category, as well as refurbished electronics, are part of the sustainable growth strategy [51][54] - The company aims to leverage AI for personalized shopping experiences and to enhance user engagement [59] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for the upcoming holiday season, citing strong momentum from growth initiatives [79] - The macroeconomic environment remains challenging, with high inflation impacting consumer spending [74] - The company is committed to navigating competitive pressures by focusing on sustainable growth and improving user experience [83] Other Important Information - The company has engaged JPMorgan as a financial advisor to explore strategic alternatives to maximize shareholder value [5] - A partnership with Octopia is expected to enhance merchant offerings on the platform [18] - The logistics network has expanded, improving delivery times for customers in key markets [67] Q&A Session Summary Question: Reason for seeking strategic alternatives and competition trends - Management noted that competition remains intense, particularly with the upcoming holiday season, but they are focused on organic growth and improving conversion rates [72][73] Question: Insights on macro trends affecting consumer behavior - Management highlighted that inflation remains high, impacting disposable income, but they expect value-conscious consumers to favor their platform during the holiday season [74] Question: Updates on merchant summits and holiday campaigns - Two merchant summits were held, receiving positive feedback, and the company is launching the "Every Day is Black Friday" campaign to capitalize on holiday shopping [75][76]