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Roblox Corporation faced a significant downturn as it reported a weaker-than-expected outlook for the second quarter of 2024, with bookings forecasted between $870 million to $900 million, missing the estimate of $902.5 million. This led to a sharp decline in its stock price, which plummeted by 30%. Despite a strong first quarter with revenue up 22% year-over-year to $801 million and bookings increasing by 19% to $923.8 million, the company's revised annual bookings forecast was lowered from the previous range of $4.14 billion to $4.28 billion down to between $4 billion and $4.10 billion. This revision reflects muted player spending and broader economic uncertainties impacting the gaming sector.
$RBLX Q1 earnings results: Revs up 22% y/y to $801.3M Bookings up 19% y/y to $923.8M DAUs up 17% y/y to 77.7M Avg. Booking/DAU (ABPDAU) up up 2% y/y to $11.89 Expect Q2 revs to be min $855M, up ~26% y/y $RBLX closed down 22.06% to $30.42 today. Shareholder Letter:… https://t.co/z4LiC36UzY https://t.co/8gdNHYsgoP
Equity analyst from Benchmark, Mike Hickey lowered the price target on Roblox Corp. $RBLX to $40.00 (from $50.00)
We did our Q1 earnings call this morning. Proud of the team at Roblox, who continue to push innovation and our vision. We reported 19.4% year-on-year bookings growth, record free cash flow, and we exited the quarter with solid engagement growth in the US/Canada (and the world).… https://t.co/ay1sPBYSC5
