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The Motley Fool fool.com 04 Aug, 2022 17:30 am

Why Skillz Shares Jumped 27% in July

Why Skillz Shares Jumped 27% in July
The mobile esports platform has a new occupant in the C-suite.

What's even worse is that Skillz now anticipates an adjusted EBITDA margin of approximately negative 56% this year, whereas three months ago it had forecast negative 37% margins.That makes the current-year results worse than what it experienced in 2021 when the adjusted EBITDA margin was negative 47%.The mobile esports platform ended last month with the announcement that Ian Lee, its chief financial officer (CFO), was leaving the company to pursue other interests and would be replaced by Jason Roswig, a managing director at The Blackstone Group, an investment management company.In its just-reported second-quarter earnings report, the mobile esports platform suffered from slower-than-expected product development, while revenue after engagement marketing (RAEM) declined sequentially, and the number of paying monthly active users (PMAUs) was also down quarter to quarter.

Roswig will be both president and CFO.That seems a tall order these days, and Skillz's new president and CFO has his work cut out for him.

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