The following is a summary of the Skillz Inc. (SKLZ) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 2024 revenue was reported at $25 million, down 37% year-over-year but flat sequentially.
Adjusted EBITDA loss improved to $12.6 million compared to $18.9 million in Q2 2023.
Net income in Q2 2024, including gains from legal settlements, was $26 million compared to a net loss of $17 million in Q2 2023.
Business Progress:
Progress in fighting bot fraud in the skill-based gaming industry and pushing towards a new, fairer gaming environment.
Introduction and advancement of new platform features such as Live Brackets to engage users and developers more effectively.
Operational adjustment, including cost reductions and optimizing product engineering, data analytics, and marketing resources, to build towards sustainable growth.
Opportunities:
Expanding marketing investments to stabilize user acquisition costs while maintaining system-wide payback periods.
Gradual scaling in operations as favorable adjustments are made in marketing strategies to support growth investments.
Risks:
Delays in financial reporting and ongoing compliance issues pose risks to investor confidence and could affect NYSE listing standards compliance.
More details: Skillz IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.