May 9, 2024 - Business

Charted: Fun and games

A line chart showing the fluctuation in Roblox's stock price from October 2021 to May 2024. The stock price peaked at $75.59 in October 2021, then dropped to its lowest at $28.93 in May 2022, and staying roughly within that range through 2024. It fell 22% today to $30.42
Data: Yahoo Finance; Chart: Axios Visuals

Growth at Roblox isn't the same these days as it was during the pandemic.

Context: The virtual gaming platform enjoyed a massive upswing when people indulged in video games while staying home.

  • Today, Roblox shares plunged 22% after CEO David Baszucki reported "less growth in Q1 than we expected" and released a disappointing forecast.

The company projected Q2 bookings of $870 million–$900 million, short of the $902 million that analysts anticipated, according to Bloomberg.

Yes, but: The company is still growing its user base and sales.

  • In Q1, average daily active users rose 17% to 77.7 million, while revenue increased 22% to $801 million.

This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

Read the full edition