Skillz Inc Stock Price, News & Analysis

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.

Skillz (NYSE: SKLZ) announced the appointment of Shari Glazer to its board of directors, making her the company's second woman director. Glazer, a renowned philanthropist and entrepreneur, brings substantial expertise in sports, technology, and philanthropy. Skillz now has eight board members, and the CEO, Andrew Paradise, expressed enthusiasm about Glazer's contributions to enhancing fair competition in mobile gaming. Glazer's background includes leading Kalos Labs and significant ownership stakes in the Tampa Bay Buccaneers and Manchester United.

Skillz reported $93 million in revenue for Q1 2022, marking a 12% increase year-over-year, with gross profit rising 6% to $84 million. However, net loss widened to $148 million, largely due to non-recurring stock-based compensation. Monthly active users grew by 22% to 0.57 million. The company launched its cloud gaming feature and improved marketing efficiency by eliminating low-return programs. Despite challenges, Skillz maintained its full-year revenue guidance of $400 million, expecting significant improvements in Adjusted EBITDA margins by year-end.

Skillz Inc. (NYSE: SKLZ) announced it will release its first quarter 2022 financial results on May 4, 2022, after market close. A stockholder letter detailing these results will be available on the investor relations website. On April 27, 2022, shareholders can submit and upvote questions for management ahead of a live Q&A conference call on May 4 at 5:30 PM ET. The call will be accessible via online registration, and an audio replay of the Q&A will be available until May 11, 2022.

Skillz (NYSE: SKLZ) has announced a multi-year partnership with UFC to create branded competitive mobile games. This deal enables Skillz developers to use UFC intellectual property for game development, co-marketing alongside UFC. The partnership was revealed at the Game Developers Conference (GDC) in San Francisco. Skillz aims to leverage UFC's popularity to engage a vast audience of MMA fans who are also gamers, with new games expected to launch in 2023.