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Tag: SKLZ

  • Skillz Inc. (SKLZ) stock Plunges to New Low on Missed Earnings and Poor Guidance

    On February 23, Skillz Inc. (SKLZ) declared its financial results for the quarter and year ended on December 31, 2021. Consequent to this, the stock suffered a huge loss in the after-hours session.

    The stock remained unchanged during the regular session while it did fluctuate between $3.61 and $3.83. At a volume of 21.48 million shares, SKLZ closed the session at a value of $3.61 per share. Following the results, the stock went down by a huge 31.02% or $1.12 at an after-hours volume of 5.07 million shares. Hence, SKLZ was trading at $2.49 apiece in the after-hours on Wednesday. The stock has thus reached its new 52-week low as the previous was $3.51.

    The online mobile gaming competition platform, Skillz Inc. has a market capitalization of $1.47 billion. Currently, the company has 339.34 million shares outstanding in the market. The stock stands at a year-to-date loss of 51.48% while it has lost 16.63% in the past five days alone.

    SKLZ’s Q4 2021

    In Q4 2021, the company had revenue of $108.8 million with a growth of 61% YOY.

    Moreover, the gross profit was $100.4 million with 56% YOY increase.

    SKLZ incurred a net loss of $99.0 million in Q4 2021 against $67.0 million in the year-ago period.

    Paying Monthly Active Users (PMAU) grew by 56% YOY while ARPPU saw a slight growth of 3% YOY.

    Fiscal 2021

    For the full year 2021, the company reported revenue of $384.1 million with a 67% YOY increase.

    Furthermore, the gross profit was $359.4 million with an increase of 65% YOY.

    SKLZ suffered from a net loss of $181.4 million in fiscal 2021, against $145.5 million in the previous year.

    Additionally, the company ended the period with cash, cash equivalents, and marketable securities of $743 million.

    SKLZ’s 2022 Outlook

    For fiscal 2022, the company expects revenue of $400 million with adjusted EBITDA improvement of 10% approx.

    Virtual Investor Day

    On February 22, the company announced that it will be holding Investor Day, virtually on March 15, 2022. The Investor Day event will start at 11:00 am ET and end at 1:30 pm ET. The company’s management team including the CEO, CFO, CRO, and CPO will be presenting during the event. In addition, shareholders can submit and upvote questions in advance from March 8, 2022.

    Conclusion

    On Wednesday, the company failed to impress the investors with its latest earnings report. The company didn’t only miss its earnings estimates but also provided weak guidance for the future. Resultantly, the stock plummeted to a new low in the after-hours session.

  • Why Skillz Inc. (SKLZ) stock rallied in Thursday’s aftermarket?

    Why Skillz Inc. (SKLZ) stock rallied in Thursday’s aftermarket?

    Shares of Skillz Inc. (SKLZ) were moving high in yesterday’s aftermarket trading session after facing a downtrend of 1.13% in the previous trading session. SKLZ stock price saw a push of 7.24% to reach $17.77 a share in the late hours of Thursday on April 22, 2021. Let’s see the reason behind this rally.

    What’s happening?

    There is no news or press release by the SKLZ stock to explain the rise, no analyst upgrades or upswing targeted per share price of the SKLZ stock to justify the rally. However, Cathie Wood’s ARK Innovation and ARK Next Generation Internet have added 4 million and more than 1 million shares to their portfolio respectively which made the SKLZ stock outperform in the late hours of yesterday because Wood is followed by many people in her stock buying.

    Going back to the previous month on March 17, 2021, SKLZ stock did announce the underwritten public offering of  32,000,000 shares of its Class A common stock. 17,000,000 out of 32,000,000 shares were offered by the Skillz stock itself and the remaining shares were offered by certain stockholders at a public price of $24.00 per share. The underwriters were granted the 30-day option for the purchasing of additional  4,800,000 shares of its Class A common stock.Net proceeds from the offering were intended to support the working capital as well as general corporate purposes of the Skillz stock.

    Financial View of SKLZ stock :

    SKLZ stock will announce its first-quarter financial results on May 4, 2021, after the close of the market. Skillz projected its revenue to be $80 million which beats the analysts’ estimation of the revenue to be in the range between $72.2 million to $79.6 million. In the fourth quarter of 2020, revenues for the SKLZ stock were up by 95% YoY to reach $68 million. Revenue for the full year 2020 reached $230 million which was 92% higher as compared to 2019 and beaten the guidance of $225 million. The revenue for 2021 is projected to be $366 million.

    Conclusion:

    SKLZ stock has been a hot topic among investors as far as market sentiment is concerned. It seems that the Skillz stock is growing at a rapid pace but still it is in its early days of development and much effort is required for further development. In short, investors need to keep an eye on SKLZ stock.

  • Why Skillz Inc. (SKLZ) stock is falling down in Friday’s Pre-market

    Skillz Inc. (SKLZ) sliding down on Friday’s March 19, 2021, pre-market. As of this writing, SKLZ has lost 7.07% and it had a bad day yesterday losing 8.92%.

    Let’s see what’s the latest news associated with SKLZ

    Announcing Pricing of Public Offering of Class A Common Stock

    Yesterday, March 18 2020 it announced the pricing of its previously announced underwritten public offering of 32,000,000 shares. The SKLZ offering price of $24.00 per share. The stock faced a negative trend yesterday after the news.

    The net proceeds will be used for working capital and general corporate purposes.

    Recent Financial Results

    On March 11, 2021, SKLZ announced financial results for the fourth quarter and full-year ended December 31, 2020, and also provided 2021 revenue guidance.

    Q4 Highlights

    • SKLZ revenue for the fourth quarter was $68 million compared with $35 million to the same quarter in 2019.
    • For the 4Q, SKLZ gross margin was $64 million compared with $35 million in Q4, 2019
    • SKLZ stock suffered a net loss of $44 million during the fourth quarter of 2020, compared with a net loss of $9 million in the same quarter in 2019.

    The full Year 2020 Highlights

    • Revenue was $230 million in 2020compared with $120 million during 2019.
    • SKLZ gross profit was $218 million during 2020compared with $114 million in 2019.
    • The gross margin was the same as the year prior.
    • Net loss for the full year was $122 million compared with a net loss of $24 million during 2019.
    • SKLZ had $263 million of cash and no debt, as of December 31 2020

    2021 Outlook

    SKLZ is expecting a revenue of $366 million in 2021

    About the SKLZ:

    Skillz is the leading online mobile games platform that connects players in fair, fun, and meaningful competition. SKLZ was founded in 2012 and its headquarter is in San Francisco USA and backed by leading venture capitalists. SKLZ platform is integrated into several iOS and Android games. SKLZ hosts billions of casual esports tournaments for millions of mobile players worldwide and distributes millions in prizes each month. Skillz is one of the fastest-growing companies and has earned many recognitions such as Forbes’ Next Billion-Dollar Startups, and the #1 fastest-growing company in America on the Inc. 5000.

    Conclusion

    SKLZ revenue is continuously growing in the last twenty quarters. The company’s recent financial results topped the analysts’ estimates. The present negativity seems to be just temporary and it seems that SKNZ will pull itself back.