TRADING EARNINGS AFTER HOURS
Preparing today for tomorrow. Trading after hours earnings and then studying earnings for the trading day tomorrow.
Skillz Inc. (NYSE: SKLZ) ("Skillz" or the "Company"), the leading mobile games platform bringing fair competition to players worldwide, today announced financial results for the third quarter ended September 30, 2021.
"Skillz delivered another quarter of strong results, achieving 70% year-over-year revenue growth," said Andrew Paradise, Founder and CEO at Skillz. "We're so proud to see our new content exceeding expectations, with Big Buck Hunter: Marksman hitting the number one spot in the sports category of the App Store last month."
Q3 Financial Highlights
Revenue was $102.1 million in the third quarter of 2021, up 70% over the prior period. This was driven by 47% growth in Paying MAU over the prior year period.
Gross profit was $94.4 million in the third quarter of 2021, up 66% over the prior year period.
Net income was $50.8 million in the third quarter of 2021, compared with $(42.9) million in the prior year period. The increase was primarily driven by $113.6 million of income attributable to the decrease in the estimated fair value of the Private Common Stock Warrants and the redemption of Public Common Stock Warrants and a $18.9 million income tax benefit in the period.
Adjusted EBITDA was $(41.7) million in the third quarter of 2021, $17.3 million lower than the prior year period.
Cash on balance sheet of $540.3 million and no debt at the end of third quarter 2021.
Roku (ROKU) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.
FSR
Third Quarter 2021 Financial Highlights:
Cash and cash equivalents of $1.40 billion as of September 30, 2021.
Loss from operations totaled $109.6 million, including $1.0 million of stock-based compensation expense.
Net loss totaled $109.8 million and $0.37 loss per share.
Net cash used in operating activities totaled $103.4 million and cash paid for capital expenditures totaled $15.8 million.
Weighted average shares outstanding totaled 296.1 million for the quarter.
This quarterly report represents an earnings surprise of 700%. A quarter ago, it was expected that this video streaming company would post earnings of $0.14 per share when it actually produced earnings of $0.52, delivering a surprise of 271.43%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Roku, which belongs to the Zacks Broadcast Radio and Television industry, posted revenues of $679.95 million for the quarter ended September 2021, missing the Zacks Consensus Estimate by 0.38%. This compares to year-ago revenues of $451.66 million. The company has topped consensus revenue estimates three times over the last four quarters.
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