Can Skillz Turbocharge Growth With This Amazon-Like Move?
Shares of mobile gaming software company Skillz (NYSE: SKLZ) have declined about 90% in value from the all-time high they reached in 2021. When something like this happens, buy-and-hold investors should remind themselves that large drawdowns will happen at some point with all stocks. For example, don't forget that about 20 years ago, Amazon (NASDAQ: AMZN) stock fell more than 90% as well. Today it's a $1.6 trillion company, greatly rewarding shareholders who stomached the gut-wrenching drop.
One of Amazon's great decisions was starting its cloud business. Earlier this month, Skillz also announced the launch of Skillz Cloud. And it's a move that management believes could turbocharge its growth.
It's impossible to overstate the importance of Amazon Web Services (AWS) for Amazon. The company began breaking out AWS segment results in 2015, and the numbers have been nothing but extraordinary.
Source Fool.com
