Skillz reports Q3 EPS ($1.57), consensus ($1.46)

Reports Q3 revenue $36.4M, consensus $40.2M. Reports Q3: Paying monthly active users (PMAU)2 of 168,000; Average Revenue Per Paying Monthly Active User of $72.3. “We continue to make progress on our initiatives to improve the business, though our third quarter results highlight the fact that the Company still needs to improve its execution to be positioned to deliver consistent top line growth and positive cash flow,” said Andrew Paradise, Skillz’ CEO. “Our unit economics are demonstrating improvement due in part to the introduction of new features that increase player engagement and monetization. Notwithstanding this progress, our traffic continues to hinder our operating performance. Given our return to attractive user economics, we will now begin to transition toward scaling the business. We expect our continued progress will position us to generate quarterly sequential profitable revenue growth beginning next year and to achieve positive Adjusted EBITDA on a run rate basis in the fourth quarter of 2024.”