Roblox stock sinks after earnings as losses swell

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Roblox shares were tumbling after the company posted a wider loss than expected for the latest quarter. $RBLX reported a loss of $297.8 million, or 50 cents a share, compared with a loss of $74.0 million, or 13 cents a share, in the year-ago period:

Roblox Corp. shares were tumbling in premarket activity Wednesday after the youth-centric virtual-world platform posted a wider loss than analysts were anticipating for the latest quarter.

The San Mateo, Calif.-based company reported a third-quarter loss of $297.8 million, or 50 cents a share, compared with a loss of $74.0 million, or 13 cents a share, in the year-ago period. Revenue rose slightly to $517.7 million from $509.3 million in the year-ago quarter, while bookings increased 10% to $701.7 million from $637.8 million in the year-ago period.

The company defines bookings as “revenue plus the change in deferred revenue during the period and other noncash adjustments.” The importance of bookings comes into play as Roblox sells virtual currency on its site that may be considered deferred revenue. Roblox’s growth in users, engagement, and bookings during the latest quarter “demonstrates the significant progress we are making on key platform initiatives such as aging up and international growth,” Chief Financial Officer Michael Guthrie said in a release. “At the same time, we are continuing a disciplined capital allocation strategy focused on maximizing long-term shareholder value.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

$RBLX

Coincidence that this was announced AFTER the election?

A complete disaster I wrote about it this morning

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trump SPAC partner Digital World Acquisition Corp (DWAC) soars 32% to start weekDigitalWorld Acquisition Corp has postponed merger extension to Nov. 22, $DWAC stock trades above $23 in pre-market. Donald Trump has hinted that he may announce his run for 2024 presidency after mid-terms by claymarkets stocks trading
Source: FXStreetNews - 🏆 14. / 72 Read more »

5 things to know before the stock market opens WednesdayHere are the most important news items that investors need to start their trading day.
Source: CNBC - 🏆 12. / 72 Read more »