Why Skillz Inc. (SKLZ) stock flipped in the after-hours on Wednesday?

Skillz Inc. (SKLZ) shares plunged 10.11% in after-hours on Wednesday, November 3, 2021, and closed the daily trading at $11.20. However, in the regular trading session, SKLZ’s stock gained 7.32%. Skillz shares have risen 9.30% over the last 12 months, and they have moved up 12.35% in the past week. Over the past three months, the stock has gained 0.89%, while over the past six months, it has declined 19.14%.

Let’s have a brief look at its recent news.

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SKLZ recent financial results announcement

On November 03, 2021, Skillz Inc (SKLZ) reported financial results for the third quarter ended September 30, 2021.

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Q3 2021 financial highlights

  • SKLZ reported total revenue of $102.1 million in Q3 2021 compared to $59.95 million in Q3 2020.
  • Total cost and expenses were $183.7 million in Q3 2021 compared to $88.52 million in Q3 2020.
  • It earned a net income of $50.8 million in Q3 2021 compared to $42.9 million in Q3 2020.
  • Adjusted EBITDA was $41.7 million in the third quarter of 2021, compared to $24.45 million in Q3 2020.
  • As of September 30. 2021, the company had cash on the balance sheet of $540.3 million and no debt.

SKLZ new appointment

On October 21, 2021, Skillz (SKLZ), appointed Vatsal Bhardwaj as the company’s Chief Product Officer. Vatsal Bhardwaj is an experienced gaming executive who recently served as the General Manager and Director of Game Tech for Amazon Web Services (AWS).

Vatsal has nearly two decades of experience which is very important for the Skillz leadership team at such a pivotal time.

SKLZ new game

On September 23, 2021, SKLZ launched the new game Big Buck Hunter Marksman, which will bring fair and fun competition to players worldwide. The latest competitive mobile game on both iOS and Android has already topped the charts, hitting No. 3 in the sports category of popular apps on the App Store.

SKLZ participation in the recent event

Skillz (SKLZ) recently participated in Citigroup’s 2021 Global Technology Virtual Conference which was held on September 13-15, 2021. The company was presented by its CEO Andrew Paradise during the event.

Trivia Crack on SKLZ platform

On August 19, 2021, Skillz (SKLZ) announced that the most popular mobile trivia game, Trivia Crack is coming to Skillz. As the number-one trivia franchise in the world, Trivia Crack is a global phenomenon available in more than 180 countries, 34 languages, and has more than 150 million active users annually.

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The Skillz stock went up after the company announced its financial results but there was no reason behind its loss in the after-hours on Wednesday. we hope that it will return towards positivity in the coming trading sessions.

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