Skillz witnessed a 92% rise in earnings in 2020 prior to its initial public offering.
The mobile multiplayer gaming platform Skillz declared its financial outcomes for the fourth quarter and the entire year of 2020, showcasing full-year earnings of $230.1 million, a 92% increase from $119.9 million in 2019.
Skillz experienced a 92% surge in revenue in 2020 ahead of its IPO.
In 2020, the total gross market volume (GMV) on the Skillz platform, which represents the total entry fees paid by users to take part in tournaments, climbed by 80% to $1.59 billion.
Total expenses in 2020 amounted to $329.7 million, with sales and marketing, general and administrative, and research and development costs reaching $251.9 million, $42.3 million, and $23.2 million, respectively.
This resulted in an operating loss of $99.6 million.
Following an additional $1.3 million in interest expense and $21.4 million in other expenses, the net loss for 2020 was $122.5 million, compared to a net loss of $23.6 million in 2019.
The company’s fourth-quarter revenue was $67.7 million, a 95% increase from $34.7 million in 2019, and 8% exceeding expectations.
Gross profit for the fourth quarter was $64 million, a 95% increase. Net loss for the quarter was $44 million, with total costs and expenses of $111 million, compared to a net loss of $9 million in the fourth quarter of 2019.
Read the complete story on iGB North America.
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