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MarketWise, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenue to $97.2 million from $106.2 million in the same quarter the previous year. The decrease is primarily due to reduced engagement and lower Billings.
Operating expenses for the quarter were $75.3 million, down from $95.1 million in the previous year. The decrease was driven by reduced marketing expenses and workforce reductions.
The company reported an income from operations of $21.9 million for the quarter, compared to $11.0 million in the previous year.
Net income for the quarter was $22.7 million, up from $12.0 million in the previous year. After accounting for noncontrolling interests, net income attributable to MarketWise, Inc. was $1.7 million, compared to $0.1 million in the previous year.
The company had cash and cash equivalents of $94.1 million as of September 30, 2024.
MarketWise's Paid Subscribers decreased to 592 thousand as of September 30, 2024, compared to 774 thousand in the previous year. The decrease is attributed to reduced marketing spend and subscriber engagement.
The company completed a strategic realignment and reorganization of its Legacy Research Group (MKTW-0.63%) business, resulting in a wind-down of operations and a transition of subscribers to other MarketWise brands.
The filing also details the company's capital allocation strategy, including the use of cash reserves and potential future financing activities.
MarketWise anticipates future capital needs to be met through existing cash reserves and operating cash flows, with no immediate plans for additional equity or debt financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MarketWise Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.