Shares of Roblox Corp. fell to their lowest prices on record on Tuesday as the social gaming platform reported a drop in an important sell indicator.
shares initially fell 10% in after-hours trading, but rallied somewhat to end the session down 4%, after falling 5.8% in the regular session to close at $23.19; the stock has never traded below $21.65 in a regular session, but briefly dipped below it in extended trades. The stock ended 67% off the $69.50 it closed on the first day of trading just over a year ago.
The company posted a loss of $160.2 million, or 27 cents per share, in the first quarter, compared with a loss of $134.2 million, or 46 cents per share, a year earlier. Roblox ended the quarter with approximately 588.5 million shares outstanding, up from 291.1 million shares outstanding a year ago.
Revenue increased to $537.1 million from $387 million in the prior year quarter, while bookings decreased to $631.2 million from $652.3 million for the year-ago period. last year.
Analysts, on average, had forecast a loss of 22 cents per share on bookings of $655.7 million. Wall Street consensus on FactSet revenue compares to bookings reported by Roblox.
The company defines reservations as “revenue plus the change in deferred revenue during the period and other non-cash adjustments.” The importance of reservations comes into play because the company sells virtual currency on its site which can be considered as deferred income.
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The average number of daily active users, or DAUs, was 54.1 million, up 28% from the same period a year ago. For April, Roblox said DAUs were up 23% to 53.1 million from a year ago.
“We remained focused on delivering on our innovation roadmap to unlock the full potential of the Roblox platform and drive long-term returns for investors,” Roblox CEO David Baszucki said. in a press release. “Over the past two quarters, we’ve launched a number of notable innovations, including spatial voice and layered wearables, that will continue to drive user growth, engagement and monetization.”
In February, Roblox stock posted its worst one-day performance since its IPO, losing more than a quarter of its value in a single trading session, after weaker-than-expected results as once-stuck kids inside found other ways to pass their time.