Roblos saw their stock take a 15% plummet in pre-market trading on Wednesday following their reporting of a wider-than-anticipated loss in its third-quarter earnings, as the gaming platform heads into some interesting times.
Roblox revenue grew 2% year-over-year to $517.7 million in the quarter, but also reported a loss of $297.8 million, or 50 cents per share, when analysts had forecast a loss of 32 cents a share, according to TechCrunch.
While daily active users were also up by 24% from the year-ago period to reach 58.8 million, average bookings per daily active user fell 11% to $11.94. Roblox’s daily active users over the age of 13 grew by 34% year-over-year and accounted for 54% of all daily active users which is up from 38.7% in Q3 2019.
“We are delivering strong growth across our core operating metrics, powered by a growing developer community creating high-quality experiences that appeal to a broad, global audience,” said David Baszucki, chief executive officer of Roblox, in a statement. “We are creating innovative technologies to enable deeper forms of immersion, communication and expression to further enhance the value of the platform.”
