What's Up With Skillz Stock Today?

Shares of Skillz were trading lower Wednesday after reporting second-quarter financial results after the market close Tuesday. Here’s what investors should know.

What Happened: Second-quarter revenue of $89.5 million was up 52% year-over-year for Skillz Inc SKLZ. The second quarter was a record one for the company and marked the 22nd consecutive quarter of revenue growth.

Gross marketplace volume of $608.5 million was up 47% year-over-year. 

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What’s Next: The company completed its acquisition of Aarki, a demand-side platform helping advertisers target mobile games. Aarki has 465 million users and rich data engines to provide “industry leading ROI” to advertisers.

Skillz continues to work on developing an NFL partnered mobile game. Fan submissions were sent in and narrowed down to 14 semi-finalists that are now in the development phase.

Skillz also announced it is launching a mobile version of “Big Buck Hunter: Marksman” based on the popular arcade game.

“Together with our partners, we continue to accelerate our vision of connecting the world through the power of competition,” Skillz CEO and founder Andrew Paradise said.

The company ended the quarter with $692.8 million in cash and no debt.

Skillz is guiding for $375 million to $376 million in full-year revenue on a standalone basis and $389 million with the impact of the Aarki acquisition.

SKLZ Price Action: Skillz shares were down 9.68% at $12.31 at last check Wednesday.