Why Roblox Stock Was Up Earlier Today
Shares of Roblox (NYSE: RBLX) were up 2.5% as of 12:10 p.m. ET on Monday. The move coincided with Walmart's (NYSE: WMT) announcement that it was launching two experiences on the popular gaming platform -- Walmart Land and Walmart's Universe of Play.
The move won't do much to alleviate the pain investors have felt in Roblox year to date, with the stock down 65%, but it shows how big brands are increasingly viewing Roblox as a valuable marketing channel.
The timing shows that Walmart is trying to build buzz ahead of the holiday season. The company reported same-store sales of 6.5% in the fiscal second quarter of 2023, ended July 29, with a heavy sales mix leaning toward lower-margin categories like food and consumables.
Source Fool.com
