May 9, 2024 - Business
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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.
