What happened Mobile video-game platform Skillz (NYSE: SKLZ) reported its first-quarter 2021 results last night, and it was a bit of a mixed bag for investors. As of 3:10 p.m. EDT, shares were trading down about 10%, at the lows of the day. So what On the positive side, Skillz reported record revenue that grew 92% over the year-ago quarter. And the company hit a strong 17% conversion to paying monthly active users ratio, which the company says is eight times higher than the average in the mobile gaming industry. The company did report a net loss of $0.15 per share, however, which was worse than analysts expected. By comparison, the company reported a net loss of $0.06 in the prior-year period. Image source: Getty Images. Also yesterday, Skillz announced that its chief financial officer is being replaced as of June 21, 2021. Some of today's negative sentiment may be related to that CFO change as investors sometimes get uneasy hearing that kind of news. Now what Not everyone is selling shares on yesterday's news. Popular investor Cathie Wood has added to her funds' holdings after the report. But while the revenue growth is impressive, Skillz spent more than $96 million on sales and marketing to acquire new customers. That's a 106% increase in spending, meaning it's costing more than the current revenue it's bringing in. Investors who believe in the long-term story don't have any reason to make a change after this financial report. But it is another data point to monitor along the way to see if the company can profitably grow in the future. 10 stocks we like better than Skillz Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Skillz Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Howard Smith has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Skillz Inc. The Motley Fool has a disclosure policy.Source