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Why Skillz Stock Dropped Wednesday

TheMotleyFool

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Mobile video-game platform Skillz (NYSE: SKLZ) reported its first-quarter 2021 results last night, and it was a bit of a mixed bag for investors. As of 3:10 p.m. EDT, shares were trading down about 10%, at the lows of the day.

On the positive side, Skillz reported record revenue that grew 92% over the year-ago quarter. And the company hit a strong 17% conversion to paying monthly active users ratio, which the company says is eight times higher than the average in the mobile gaming industry. The company did report a net loss of $0.15 per share, however, which was worse than analysts expected. By comparison, the company reported a net loss of $0.06 in the prior-year period.

Image source: Getty Images.

Source Fool.com

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