Overview
Skillz Q2 revenue grows 8% yr/yr to $27.4 mln
Net loss for Q2 stands at $8.9 mln, adjusted EBITDA loss $10.4 mln
PMAU rises 20% yr/yr, highest since Q3 2023, reflecting improved engagement
Outlook
Skillz expects strategic initiatives to drive profitable revenue growth
Company focuses on disciplined operating expense management
Skillz remains committed to long-term shareholder value creation
Company has financial flexibility with $238 mln cash reserves
Result Drivers
REVENUE GROWTH - Co reports 8% yr/yr revenue growth driven by increased player engagement and retention
USER ENGAGEMENT - 20% yr/yr increase in paying monthly active users attributed to improved engagement efforts
DEVELOPER INVESTMENT - $75 mln Developer Accelerator program underway to expand game offerings
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | $27.37 mln | ||
Q2 Net Income | -$8.92 mln | ||
Q2 Adjusted EBITDA | -$10.40 mln | ||
Q2 Gross Profit | $24.20 mln | ||
Q2 Operating Income | -$6.58 mln | ||
Q2 Pretax Profit | -$8.94 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the online services peer group is "buy"
Wall Street's median 12-month price target for Skillz Inc is $10.25, about 31.1% above its August 6 closing price of $7.06
Press Release: ID:nBw6YgDNda
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)