Why Skillz Stock Sank to a Fresh All-Time Low Today
Shares of mobile-gaming platform Skillz (NYSE: SKLZ) hit a new all-time low on Tuesday, sinking as far as $1.28 per share. The stock is now down 97% from its all-time high and finished today's session down 8%.
Skillz didn't have direct news today, but there was a relevant development that reportedly came from a third-party research group. According to a report from NPD Group, total gaming revenue fell 19% year over year in May, its lowest point in two years. Moreover, the report said that revenue for mobile gaming was also down. On Alphabet's Google Play store, there was a 23% drop. And Apple's App Store saw a 2.6% decline.
It should be noted that the majority of Skillz's distribution comes from Apple.
Source Fool.com
