Skillz Inc. (SKLZ), a company operating a mobile game platform, is seeing a continued surge in the premarket trading session. At the time of writing, SKLZ stock is trading at $13.36, an increase of 13.51%. SKLZ stock has picked up its momentum from where it left off in Tuesday’s trading session when the share price rose up to 11.14%.
Trivia Crack coming on SKLZ
On the 19th of August, SKLZ announced that one of the most popular trivia games in history, namely Trivia Crack, would be coming on the Skillz platform. Trivia crack has a worldwide presence and is considered to have more than 150 million active users annually. The company said that Trivia Crack would be the first trivia-based entertainment property of the Skillz platform, providing competitive and live tournament tyle play for the competitors. Skillz CEO and Founder Andrew Paradise said that Trivia Crack has the potential to be one of the most popular competitive trivia games of the current time, reaching new audiences and generations of players worldwide.
Accolade for SKLZ
On the 4th of August, SKLZ was named to the Fast Company’s third annual list of the “100 Best Workplaces for Innovators”. Skillz was ranked as number 37 on the list, According to Editor in Chief of Fast Company, Stephanie Mehta, the list was comprised mainly looking upon the creation of innovative cultures, and its sustenance as well. Andrew Paradise praised the performance of the company and said on the occasion that the diverse and talented team of Skillz is driving the company forward in its goal to achieve a bright future.
Q2 2021 financial results
On the 3rd of August, SKLZ reported the financial results for the second quarter of 2021, which ended 30th of June. According to the details, the revenue during the quarter increased to $89.5 million, an increase of 52% from the previous year. The gross profit grew to $85.1 million during the quarter, an increase of 52% from the previous year. The net loss during the quarter increased to $79.6 million, while during the previous year, it stood at $20.2 million. The gross margin was 95% during the quarter. The cash on balance sheets was $692.8 million at the end of the quarter. There was no debt on the company at the end of the quarter. The company also updated regarding the business highlights of Q2. According to those, the company acquired Aarki, a platform delivers industry-leading ROI to its advertiser customers, during the quarter. The company also formed a strategic alliance with Exit Games. The company also launched its multi-phase partnership with NFL during the quarter, and besides, Launched Big Buck Hunter: Marksman, an advanced version of a highly successful arcade game.
What future holds in store for SKLZ?
Analysts have estimated that the revenue of SKLZ could increase by $555.7 million during the next fiscal year. Besides, the EPS of the company is expected to grow by 31.70% during the next fiscal year. According to the company’s own estimates, the acquisition of Aakri could result in the generation of $389 million during the current fiscal year. All of these indicators depict a positive picture of SKLZ stock. So, potential investors should keep a close eye on SKLZ stock performance in near future.
