Competitive mobile games platform Skillz generated revenues of $60 million in Q3, 2020.

The company's earnings are up 92 per cent year-on-year, as it generated $31.2 million in Q3, 2019. Furthermore, for the first nine months of 2020, the US-based firm earned $162.4 million in revenue, an increase of 91 per cent year-on-year.

Meanwhile, Skillz's gross profit also grew by 92 per cent year-on-year as it hit $56.9 million in quarter three, compared to the $29.6 million generated last year. Between January and September, the company's gross profit was up 89 per cent year-on-year with $153.6 million.

Furthermore, contribution grew by 177 per cent to $19.1 per cent in Q3, 2020. For the first nine months of the year, contribution hit $53.8 million, a rise of 154 per cent year-on-year.

Skillz has attributed its increase in revenues to the ongoing coronavirus pandemic. As people were forced to stay home, more turned to mobile gaming as a means of entertainment.

Exciting quarter

"These are exciting times at Skillz. During the quarter, we achieved an important milestone by entering into a business combination agreement with Flying Eagle Acquisition Corp. (NYSE: FEAC) that positions us to be the first mobile esports platform to go public. We drove revenue growth of 92% year-over-year and are tracking to achieve our full-year 2020 revenue guidance," said Skillz founder and CEO Andrew Paradise.

"Our mission is to make gaming better by providing players with a fair and trusted competitive gaming experience and by enabling game developers to better monetise their content. We believe gaming is the future of entertainment, and in that future, anyone can embrace their inner champion.

"The engagement we see from the players on our platform validates the connection they're making with the community through competition."

In September, the competitive games platform confirmed that it would go public via the New York Stock Exchange.