Why Skillz Shares Are Falling In Wednesday's After-Hours Session

Skillz Inc SKLZ shares are trading lower after the company reported worse-than-expected third-quarter EPS and sales results and reaffirmed FY21 sales guidance below estimates.

Skillz reported quarterly losses of 16 cents per share which missed the analyst consensus estimate of a loss of 14 cents per share by 14.29 percent.

Skillz also reported quarterly sales of $102.07 million which missed the analyst consensus estimate of $102.31 million. This represents a 70% increase over sales of $59.95 million in the same period last year.

“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.”

Skillz is a mobile game development company. Its platform helps developers build multi-million dollar franchises by enabling social competition in their games.

Skillz has a 52-week high of $46.30 and a 52-week low of $7.97.