Roblox Jumps as Virtual Currency Trumps Actual Sales
By Christiana Sciaudone
Investing.com — Who needs to make real money when you can make virtual money? Hm. Trick question?
Roblox Corp (NYSE:RBLX) jumped 7% after the value of its virtual currency, aka first-quarter bookings, hit $652.3 million, versus prior guidance of as much as $575 million.
Real sales, however, missed the mark, coming in at $387 million versus the estimated $573 million. First quarter sales were also worse than the previous two quarters. The company also paid up for that virtual currency, reporting a loss of 46 cents, way worse than the expected loss of 13 cents, according to analysts tracked by Investing.com.
Roblox jumped more than 50% when it listed in March, and shares are currently trading at around that same level, about $69. The kid's gaming site saw daily active users up 37%, to 43.3 million from April 2020.
“Our first quarter 2021 results enabled us to continue investing aggressively in the key areas that we believe will drive long term growth and value, specifically hiring talented engineering and product professionals and growing the earnings for our developer community,” said Chief Financial Officer Michael Guthrie in a statement.
“We believe we must continue to innovate and so remain focused on building great technology to make progress on our key growth vectors, primarily international expansion and expanding the age demographic of our users.”
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