Skillz Inc. (SKLZ) sliding down on Friday’s March 19, 2021, pre-market. As of this writing, SKLZ has lost 7.07% and it had a bad day yesterday losing 8.92%.

Let’s see what’s the latest news associated with SKLZ

Announcing Pricing of Public Offering of Class A Common Stock

Yesterday, March 18 2020 it announced the pricing of its previously announced underwritten public offering of 32,000,000 shares. The SKLZ offering price of $24.00 per share. The stock faced a negative trend yesterday after the news.

The net proceeds will be used for working capital and general corporate purposes.

Recent Financial Results

On March 11, 2021, SKLZ announced financial results for the fourth quarter and full-year ended December 31, 2020, and also provided 2021 revenue guidance.

Q4 Highlights

• SKLZ revenue for the fourth quarter was $68 million compared with $35 million to the same quarter in 2019.
• For the 4Q, SKLZ gross margin was $64 million compared with $35 million in Q4, 2019
• SKLZ stock suffered a net loss of $44 million during the fourth quarter of 2020, compared with a net loss of $9 million in the same quarter in 2019.

The full Year 2020 Highlights

• Revenue was $230 million in 2020compared with $120 million during 2019.
• SKLZ gross profit was $218 million during 2020compared with $114 million in 2019.
• The gross margin was the same as the year prior.
• Net loss for the full year was $122 million compared with a net loss of $24 million during 2019.
• SKLZ had $263 million of cash and no debt, as of December 31 2020

2021 Outlook

SKLZ is expecting a revenue of $366 million in 2021

About the SKLZ:

Skillz is the leading online mobile games platform that connects players in fair, fun, and meaningful competition. SKLZ was founded in 2012 and its headquarter is in San Francisco USA and backed by leading venture capitalists. SKLZ platform is integrated into several iOS and Android games. SKLZ hosts billions of casual esports tournaments for millions of mobile players worldwide and distributes millions in prizes each month. Skillz is one of the fastest-growing companies and has earned many recognitions such as Forbes’ Next Billion-Dollar Startups, and the #1 fastest-growing company in America on the Inc. 5000.

Conclusion

SKLZ revenue is continuously growing in the last twenty quarters. The company’s recent financial results topped the analysts’ estimates. The present negativity seems to be just temporary and it seems that SKNZ will pull itself back.