Loading...
•
Jun 30, 2024
Wish Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024 following the asset sale to Qoo10.
Key Takeaways
ContextLogic reported a net loss of $13 million for the second quarter of 2024, compared to a net loss of $80 million in the same period last year. The company is focusing on identifying and evaluating strategic opportunities after the completion of the asset sale.
Net loss was $13 million, an improvement from the $80 million net loss in Q2 2023.
Completed the Asset Sale on April 19, 2024, ceasing operations of the Wish platform.
Held $103 million in cash and cash equivalents and $47 million in marketable securities as of June 30, 2024.
Began reviewing and identifying strategic opportunities to utilize NOLs and other tax attributes.
Forward Guidance
The Company expects to earn approximately $2 million of interest income per quarter for the remainder of 2024 and projects to end 2024 with approximately $155 million in cash and cash equivalents, marketable securities and restricted cash.
Positive Outlook
- Expected to earn approximately $2 million of interest income per quarter for the remainder of 2024.
- Project to end 2024 with approximately $155 million in cash and cash equivalents, marketable securities and restricted cash.
- Focusing on identifying, evaluating and potentially executing strategic opportunities.
- Aiming to utilize NOLs and certain other tax attributes to generate substantial value for shareholders.
- Total liabilities expected to remain low as the Company identifies future targets to utilize and leverage its liquid assets.
Challenges Ahead
- Incurred $13 million of general and administrative expenses during the three months ended June 30, 2024.
- Prior operations and the closing of the Asset Sale resulted in $9 million of general and administrative expenses.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...