Roblox Corp RBLX shares are trading lower by 7.5% to $27.00 Wednesday morning, despite a lack of company-specific news. The stock is potentially trading lower following worse-than-expected U.S. inflation data.
Inflation erodes the purchasing power of consumers. If prices are rising rapidly, consumers may have less disposable income to spend on discretionary items like video games and virtual experiences, which could affect Roblox's revenue and growth prospects.
Inflation Surges Beyond Expectations In August
The annual CPI inflation rate soared from 3.2% in July to a notable 3.7% in August 2023, surpassing economist expectations of a 3.6% increase.
On a monthly basis, the CPI accelerated sharply, rising by 0.6% in August, a stark contrast to the 0.2% increase seen in July, but in line with expectations. This marked the sharpest monthly CPI increase since June 2022...Read More
According to data from Benzinga Pro, RBLX has a 52-week high of $47.67 and a 52-week low of $25.32.
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