Why Skillz Stock Dived by 10% on Wednesday
Just after market close on Tuesday, Skillz (NYSE: SKLZ) published its latest set of quarterly earnings. Investors didn't like what they saw, generally, and traded the company's shares down by more than 10% the following day.
In its first quarter, Skillz booked revenue of $44.4 million. This was, uncomfortably, less than half its almost $92 million take in the same quarter the previous year. Gross marketplace volume (GMV), which is the tally of all entry fees paid by users accessing games on the company's platform, sank to less than $278 million versus first-quarter 2022's $552 million.
On a brighter note, Skillz managed to narrow its loss based on generally accepted accounting principles (GAAP) considerably. This landed at nearly $35.6 million ($0.09 per share) for the period, against the year-ago deficit of $149.6 million.
Source Fool.com
