Shares of mobile-game monetization platform Skillz (NYSE: SKLZ) fell 15.8% in August, according to data provided by S&P Global Market Intelligence. The company was already struggling, and new data in August showed that the mobile gaming space is becoming tougher. And late in the month, the company responded to its poor results by announcing more changes to its business.

Skillz reported financial results for the second quarter of 2022 on Aug. 3, but the stock moved little based on that news. Revenue fell 22% year over year to $93 million as the company cut back on its marketing spending in an attempt to avoid low-value customers and boost its overall profitability.

On one hand, it's true that Skillz's bottom line improved in the second quarter compared to its $80 million net loss in the same quarter of 2021. However, that's not saying much as the company still had a whopping $61 million net loss in the second quarter alone, which isn't sustainable.

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Source Fool.com