Roblox misses on revenue, reports wider than expected loss in Q3
Roblox reported a big miss on revenue, posting sales of $517.7 million for the third quarter compared to the average analyst estimate of $692 million, and reported a wider than expected loss in the period. Shares tumbled 14% in premarket trading. Bookings, or sales of the platform's virtual currency "Robux," totaled $701.7 million, versus second-quarter's $640 million.
The company reported a net loss per share of $302 million versus the $204 million average analyst estimate. Roblox has 58.8 million daily active users and over 13.4 billion engagement hours, compared to 52.2 million daily active user and over 11.3 billion engagement hours in the prior period. While Roblox is widely considered a web2 game, it’s often included as one of the many metaverse platforms for its ability to allow simultaneous online experiences and chat functions in a virtual world.
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