Saturday, April 1, 2023
HomeMarketRoblox stock zooms higher after earnings as bookings beat estimates

Roblox stock zooms higher after earnings as bookings beat estimates

- Advertisement -

Shares of Roblox Corp.
were surging in premarket trading Wednesday after the gaming company topped bookings expectations for the holiday quarter. The company posted a fourth-quarter net loss of $290 million, or 48 cents a share, whereas it posted a loss of $144 million, or 25 cents a share, in the year-earlier period. Analysts tracked by FactSet were expecting a 51-cent loss per share. Roblox’s revenue rose to $579 million from $569 million, while analysts were anticipating $648 million in GAAP revenue. The company’s bookings, which better reflect sales of virtual currency, came in at $899 million, while analysts were projecting $871 million. “Bookings accelerated meaningfully in December and January, with year over year growth exceeding 20% in both months,” Chief Financial Officer Michael Guthrie said in a release. “Growth was strong across all geographies and age groups with particular strength among users above 17 years old.” For January 2023, the company estimates revenue of $213 million to $216 million and bookings of $267 million to $271 million. Prior to the report, Wedbush analyst Nick McKay wrote that his first-quarter bookings expectations factored in about $250 million in January contributions. “The debate around January is tied to the mystery around the drivers of the December-to-remember,” he wrote Monday.


- Advertisment -

Most Popular