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SKLZ Beat Earnings Estimates And Revise Guidance In A Massive Shock To Short Sellers

SKLZ Smash Q1 2021 Earenings

Skillz Inc. released their Q1 2021 results this evening and they beat most of the analyst estimates for this quarter in what can only be described as extremely positive news for the recently down beaten stock.

The company announced that they generated in total $83.7m in total revenue, up 92% from this quarter last year. The original estimate was for the company to reach revenue of approximately $80m, so this is a comfortable beat for a company that typically understates rev guidance. SKLZ also announced a revision to fiscal year 2021 results. Total revenue guidance is now $375 million, up from $365. SKLZ were not able to beat analysts EPS estimates, coming off slightly short with a -$0.15 EPS against the EST -$0.14.

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The EPS miss isn’t such a big deal given the rate of growth the company is experiencing. SKLZ mention in their filing that they expect for operational costs to fall towards the end of the year due to increased investment in marketing infrastructure that will drive user acquisition and reduce total cost.

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Most importantly, the company were able to increase the total paying monthly active user base by 81% year over year, recording a total of $10.35 revenue generated per user in the last three months. These numbers a really positive. It is one thing bringing in loads of new customers by opening up to new and exciting markets such as India, it is another to go forward and keep improving on the average revenue per user generated.

Investors on twitter were pretty excited by these results, especially as the company initially plummeted on a compliance release stating that the companies warrants needed to be defined as a liability on the balance sheet, therefore making the 2020 annual report unusable.

Overall, these results looks pretty good to me. The stock is trading 1.7% higher after hours which all things considered is barely a movement at all. Hopefully these results reinvigorate the investor base.


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