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Skillz Inc. (NYSE: SKLZ), the mobile esports pioneer, empowers competitive gaming through its tournament platform. This dedicated news hub provides investors and industry followers with centralized access to official corporate developments.
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Skillz Inc. (NYSE: SKLZ) has received a compliance notice from the NYSE due to its Class A common stock average closing price being below $1.00 for 30 consecutive trading days. While this notice does not lead to immediate delisting, Skillz intends to notify the NYSE by January 3, 2023, of its plan to regain compliance. The Company has six months to achieve an average closing price of at least $1.00. Options to remedy this include a potential reverse stock split, contingent on stockholder approval. The stock remains listed on the NYSE during this period.
Skillz reported Q3 2022 revenues of $60 million, aligning with expectations but reflecting a 41% year-over-year decline. The net loss increased by 30% sequentially, primarily due to a $47.6 million non-cash impairment of intangible assets. Adjusted EBITDA improved by $16 million, showcasing a 63% improvement year-over-year. Monthly Active Users decreased 37% to 320,000, while Monthly Average Revenue Per Paying User rose by 8% to $62.8. The company maintains its FY2022 revenue guidance at $275 million.
Skillz Inc. (NYSE: SKLZ) will release its third quarter results on November 2, 2022, after market close. The earnings announcement will be available on its investor relations website. A live conference call and Q&A session for analysts and investors will occur at 5:30 PM ET, accessible through online registration. An audio replay will be available until November 9, 2022. Skillz is recognized as a leader in mobile gaming, focusing on social competition and casual esports tournaments, powered by patented technology.
Skillz (NYSE: SKLZ) announces the appointment of Vassily Filippov as Chief Technology Officer, enhancing its leadership team. Filippov, who previously led engineering at Meta and has over 20 years in the gaming industry, will oversee global engineering efforts. His prior experience includes significant roles at Apple and Riot Games, contributing to renowned franchises like 'God of War' and 'League of Legends.' This strategic hire aligns with Skillz's focus on profitable growth and the technical roadmap for its competitive gaming platform.
Skillz (NYSE: SKLZ) announces the appointment of Seth Schorr to its Board of Directors. Schorr, with extensive experience in interactive gaming and entertainment, will also serve on the Compensation Committee. He co-founded Fifth Street Gaming and has a strong background in esports and hospitality, including developing integrated esports programs in casinos. Skillz aims to utilize Schorr's expertise as it seeks to strengthen its position in the mobile gaming sector, positioning itself as a leading platform for casual esports.
Skillz (NYSE: SKLZ) has announced the appointment of Henry Hoffman, Partner and Portfolio Manager at SL Advisors, to its Board of Directors. Hoffman will also serve on the Audit Committee, bringing extensive financial expertise to the team. His previous experience includes roles at PNC Capital Advisors and PNC Realty Investors. CEO Andrew Paradise expressed enthusiasm about Hoffman's role in driving the company towards profitable growth. Skillz aims to enhance competition in mobile gaming through its patented technology and has received various recognitions in the industry.
Skillz Inc. (NYSE: SKLZ) reported its Q2 2022 financial results, showing a significant 59% improvement in net loss quarter-over-quarter, reducing losses from $148 million to $61 million. However, the company experienced a 22% decline in revenue, falling from $93 million in Q1 2022 to $73 million. Despite an increase in monthly average revenue per paying user (ARPPU) by 6%, paying monthly active users decreased by 26%. To enhance profitability, Skillz restructured its operations, cutting about 10% of its workforce and reducing marketing spend by 28%.
Skillz Inc. (NYSE: SKLZ) plans to release its second quarter 2022 results after market close on August 3, 2022. The results will be presented in a stockholder letter available on the company’s investor relations website. Additionally, a live Q&A conference call will take place at 5:30 PM ET, accessible via online registration. An audio replay of the call will be available until August 10, 2022, through specified dialing options. Skillz is recognized as a leading mobile games platform, hosting casual esports tournaments for millions worldwide.
Skillz (NYSE: SKLZ) has appointed Jason Roswig as President and Chief Financial Officer, effective August 8, 2022. Roswig joins from Blackstone, where he served as Managing Director, and succeeds Ian Lee. He brings over 20 years of experience in finance, including roles at GE and McKinsey. Andrew Paradise, CEO of Skillz, expressed enthusiasm for Roswig's leadership, highlighting his commitment to financial and operational excellence. The company focuses on enhancing competition in mobile gaming, leveraging patented technology to host esports tournaments.
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