Roblox quarterly loss widens on higher expenses, shares tank

Published Wed, May 10, 2023 · 08:24 PM

ROBLOX posted a bigger quarterly loss on Wednesday (May 10), hurt by higher expenses to support the expansion of its platform, sending shares down 12 per cent in premarket trading.

Roblox, which is among the world’s most popular gaming sites for children, has been constantly racing to expand its user base by doubling down on collaborations with NFL, Fifa and artists such as Elton John and Mariah Carey.

Net loss attributable to common stockholders was US$268.3 million, or 44 cents per share, in the reported quarter, compared with net loss of US$160.20 million, or 27 cents per share, a year earlier.

However, the company posted net bookings of US$773.8 million in the first quarter, compared with US$631.2 million a year earlier. Analysts were expecting net bookings of US$765.9 million, according to Refinitiv data. REUTERS