The competitive mobile gaming company Skillz (NYSE:SKLZ) saw its stock suffer from a selloff on Wednesday. The stock, which has been targeted by many traders from Reddit fell sharply after the company announced its financial results for the first quarter of 2021.
In this situation, it might be a good idea for investors to perhaps take a closer look at the company’s first-quarter performance. In the quarter, Skillz reported a loss per share of as much as 15 cents.
In addition to that, the loss per share was worse than Wall Street’s projections of 10 cents a share. By contrast, the company had suffered a loss of 6 cents a share in the year-ago period. The net losses for the quarter stood at $53.59 million and that was again a much higher figure than the loss of $15.5 million in the year-ago period. The revenues stood at $83.68 million, which beat analysts’ estimate of $78.58.
Finance and Entertainment Reporter
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