Why Skillz Stock Just Skyrocketed
Shares of video game platform Skillz (NYSE: SKLZ) skyrocketed Thursday after the company announced it had gained a new partner with enormous brand recognition. The NFL wants to grow its audience among gamers on mobile devices, and it believes Skillz is the right platform to accomplish its goal. With this fresh vote of confidence, Skillz stock was up 18% as of 10 a.m. EST.
Skillz is merely a software platform. Third-party developers create games to be played on Skillz. And gamers enjoy the chance to compete for cash prizes. Its user engagement is impressive -- gamers log an average of 62 minutes daily on the Skillz platform. However, the company has an urgent need for new games. According to the company, just three games (Solitaire Cube, 21 Blitz, and Blackout Bingo) accounted for 79% of revenue for the first three quarters of 2020.
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Source Fool.com
