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.
