Skillz is one of the riskier stocks out there in the market, so it has performed the way it has of late. Additionally, a long-term partnership could be a source of recurring revenues and convert the fans of the football league into permanent users. Both organizations will be marketing the games and could add immensely to Skillz’s monthly active users (MAU). Hence, the new platform could potentially reach out to over 70% of smartphone users globally.įurthermore, it has partnered with the NFL to release NFL-themed games. Alphabet doesn’t allow “real-money gaming apps” on its platforms, significantly limiting Skillz’s reach. Perhaps more importantly, it could effectively avoid Google’s Play Store, a thorn in its side from the get-go. Its foray into cloud gaming will help it reach a truckload of new Android users, thereby increasing the penetration rate of its games to newer players. Perhaps one of the most interesting developments with Skillz recently is the announcement of its cloud-based gaming platform. Moreover, with it trading for just chump change, it doesn’t hurt to wager on it. With the global gaming market expected to grow from roughly $203 billion in 2020 to $546 billion in 2028, investors ignore the bigger picture with SKLZ stock. However, the pandemic faces incredibly tough comps, and its investors are jumping ship with the pandemic. Mobile games were a popular way to kill time during the pandemic, and Skillz was a major beneficiary of that trend. Last February, its stock reached all-time highs of $46.30 but has fallen off the cliff. Skillz began trading at $17.89 after completing its reverse merger with the Flying Eagle Acquisition SPAC. However, we could be looking at a turnaround for Skillz with a renewed focus on profitability, the NFL deal, and other growth catalysts. The recent tech stock correction and lackluster fourth-quarter results have triggered a massive sell-off in SKLZ. SKLZ stock has cratered over 80% in the past year and now trades in the penny stock territory. Skillz ( SKLZ) stock burned a lot of optimistic investors last year.
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