Roblox Misses Quarterly Bookings Estimates on Lower Spending

Reuters2023-08-09

Gaming platform Roblox missed estimates for second-quarter bookings on Wednesday as waning demand for its online games and intensifying competition hurt growth, sending shares down 8% in trading before the bell.

The videogame industry is struggling with a slowdown in spending as high inflation forced gamers to pick and choose between popular titles as they tightened their purse strings.

Roblox, which operates a metaverse – an emerging virtual space where people play games and make transactions - is available on mobile devices, desktops and Microsoft's Xbox.

It reported 65.5 million daily users in the quarter, with a long-term goal of reaching 1 billion daily users.

The company, popular for games such as "Adopt Me!" and "Brookhaven", posted net bookings of $780.7 million in the quarter, compared with analysts' average estimate of $784.9 million, according to Refinitiv data.

Net loss attributable to shareholders stood at $282.8 million in the quarter, compared with $176.4 million, a year earlier.

Stocks crashed over 8% in premarket trading.

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2023-08-09
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down 8% in trading ...</p>\n\n<a href=\"https://finance.yahoo.com/news/roblox-misses-quarterly-bookings-estimates-120409266.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RBLX":"Roblox Corporation"},"source_url":"https://finance.yahoo.com/news/roblox-misses-quarterly-bookings-estimates-120409266.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191024831","content_text":"Gaming platform Roblox missed estimates for second-quarter bookings on Wednesday as waning demand for its online games and intensifying competition hurt growth, sending shares down 8% in trading before the bell.The videogame industry is struggling with a slowdown in spending as high inflation forced gamers to pick and choose between popular titles as they tightened their purse strings.Roblox, which operates a metaverse – an emerging virtual space where people play games and make 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