Shares of Roblox
Here are the numbers:
Daily active users were 57.8 million, up 23% year-over-year.Hours engaged were 4 billion, up 16% year-over-year.Estimated bookings were between $212 million and $219 million, up 11% – 15% year-over-year.
The number of daily active users decreased from Roblox’s August 2022 report, when the company reported 59.9 million users. The number of hours engaged in September also decreased from 4.7 billion in August, and Roblox’s bookings in September fell from the $233 million and $237 million estimated bookings reported in August. The drop may have occurred as kids who play the game returned to school.
Shares of Roblox are down about 65% from their highs. The stock was blazing hot in 2021 after Roblox’s direct listing in March. Its market cap neared $80 billion before peaking in November 2021.
The company saw bookings swell more than 200% during the pandemic when kids were spending more time on their screens while stuck at home. But this year’s economic slowdown has punished high-growth tech stocks.
Roblox CEO David Baszucki told CNBC in February that the company has “many opportunities to increase monetization” and he cited advertising and 3D immersive shopping as potential areas for growth. To date, the company has focused on “creating a safe and civil platform” and growing its daily active user base, Baszucki said.
Chief Business Officer Craig Donato told CNBC’s Steve Kovach in August that Roblox is bullish on the future because of its investments in its employees, server capacity and global data centers.