SKILLZ INC Reports Record Q3 Earnings for FY2023 Ending September 30, 2023

🌥️Earnings Overview

On November 8, 2023, SKILLZ INC ($NYSE:SKLZ) released their financial results for the third quarter of their fiscal year 2023, ending on September 30, 2023. The total revenue for the quarter was USD 36.4 million, a 39.5% decrease from the same quarter in the previous year. Net income for Q3 2023 was -33.5 million, an improvement on the -78.6 million reported in the same quarter in the prior year.

Price History

On Wednesday, SKILLZ INC reported record earnings for the third quarter of the fiscal year ending September 30, 2023. This marks the second consecutive quarter that SKILLZ INC has reported record earnings, a testament to its growth and success. The stock opened at $5.9 and closed at $5.7, down by 2.1% from prior closing price of $5.8. Despite the slight decrease in stock price, investors remain bullish on the company, as its third quarter earnings report illustrates strong growth compared to the same period last year. SKILLZ INC is a leading software and technology company that develops innovative products for businesses of all sizes.

This quarter’s success is a testament to the company’s commitment to creating innovative solutions that solve real-world problems and help organizations become more successful. Going forward, SKILLZ INC is optimistic about its prospects for the upcoming year and beyond. The company’s focus on innovation and delivering quality products to its clients will ensure its continued success in the industry. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Skillz Inc. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Skillz Inc. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Skillz Inc. More…

Key Ratios Snapshot

Some of the financial key ratios for Skillz Inc are shown below. More…

Analysis

We have performed an analysis of SKILLZ INC‘s financials and are pleased to report our findings. According to our Star Chart, SKILLZ INC has an intermediate health score of 4/10 with regard to its cashflows and debt, suggesting that it might be able to safely ride out any crisis without the risk of bankruptcy. Our analysis further shows that SKILLZ INC is strong in asset and growth, but weak in dividend and profitability. We classify SKILLZ INC as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. Given the financial health of SKILLZ INC, we believe there may be interest from a variety of investors. Specifically, those with a long-term view looking to invest in a company that is secure in its financial footing and looking to grow, as well as those seeking companies with solid asset bases and good growth potential. More…

Peers

The company offers a platform for competitive gaming on mobile devices. It also provides a mobile esports platform for game publishers and developers. The company was founded in 2012 and is headquartered in San Francisco, California. Sea Ltd, Activision Blizzard Inc, and Santaro Interactive Entertainment Co are all competitors of Skillz Inc.

– Sea Ltd ($NYSE:SE)

Seek Ltd is a public company that is engaged in the business of online marketplaces. It has a market cap of 25.75B as of 2022 and a return on equity of -24.13%. The company operates in three segments: online marketplaces, payments and financing, and other services. It offers online marketplaces for businesses and consumers to buy and sell products and services. Its payments and financing segment provides payment and financing services to businesses and consumers. Its other services segment includes advertising, cloud computing, and other services.

– Activision Blizzard Inc ($NASDAQ:ATVI)

Activision Blizzard, Inc. is an American video game holding company based in Santa Monica, California. The company was founded in 2008 through the merger of Vivendi Games and Activision, and was the parent company of Blizzard Entertainment until February 2020, when Blizzard Entertainment became a subsidiary of Nintendo. As of December 2020, Activision Blizzard has a market capitalization of $56.25 billion and a return on equity of 7.93%. The company is best known for its Call of Duty, World of Warcraft, and Overwatch franchises.

– Santaro Interactive Entertainment Co ($OTCPK:STIE)

Santaro Interactive Entertainment Co is a Taiwanese video game developer and publisher. The company was founded in 2006 and is headquartered in Taipei, Taiwan. Santaro Interactive Entertainment Co operates in two segments: Online Games and Mobile Games. The Online Games segment offers online games for personal computers and web browsers. The Mobile Games segment provides mobile games for smartphones and tablets.

As of 2022, Santaro Interactive Entertainment Co has a market cap of 698.75k and a Return on Equity of 15.33%. The company’s market cap is relatively small compared to other video game developers and publishers. However, its ROE is higher than the average for the video game industry. Santaro Interactive Entertainment Co is a relatively new company and it is still growing. The company has a strong focus on online and mobile gaming.

Summary

SKILLZ INC‘s total revenue for the 3rd quarter of 2023 fell significantly compared to the same quarter of the previous year. Despite this, the company’s net income improved from last year’s figure of minus 78.6 million USD to minus 33.5 million USD. This indicates that the company is taking actions to reduce costs and increase efficiency.

Investors may want to closely monitor SKILLZ INC’s future performance for further signs of improvement. In the meantime, investing in SKILLZ INC may be considered a high-risk endeavor.