Why Roblox Stock Was Falling Today
Shares of Roblox (NYSE: RBLX) were down 16% as of 1:08 p.m. ET on Wednesday after the company reported a larger loss than expected for the third quarter. While bookings came in above estimates, the company reported a loss per share of $0.50 -- lower than estimates calling for a loss of $0.30 per share.
Growth has slowed over the last year, which has put more focus on the company's profitability. However, management offered a positive outlook for 2023. With the stock down 68% year to date, Roblox could be a tempting buy following the earnings report.
Bookings, a non-GAAP measure of revenue, grew 10% year over year, driven by a 24% increase in average daily active users. Management credited the return to growth to "high-quality experiences" that are appealing to a broad audience worldwide.
Source Fool.com
