Why Roblox Stock Is Diving Today

Roblox Corp RBLX shares are trading lower Wednesday after the company reported worse-than-expected financial results. 

Roblox said second-quarter revenue jumped 30% year-over-year to $591.2 million, which missed the estimate of $645 million, according to Benzinga Pro. The company reported a quarterly net loss of 30 cents per share, which missed the estimate for a loss of 21 cents per share.

Average daily active users totaled 52.2 million in the second quarter, up 21% year-over-year. Hours engaged reached 11.3 billion for the second quarter, up 16% year-over-year. Bookings totaled $639.9 million in the quarter, down 4% year-over-year. 

"We remain focused on investing in strategic areas that we believe will drive platform growth and monetization," said Michael Guthrie, CFO of Roblox.

July revenue is expected to be between $205 million and $208 million. July bookings are expected to be between $243 million and $247 million. Roblox said it had 58.5 million daily active users in July. 

Related Link: Roblox Q2 Earnings: Sellers Out In Force After Revenue, EPS Miss, Lower Bookings

RBLX Price Action: Roblox has a 52-week high of $103.79 and a 52-week low of $21.65.

The stock was down 13.1% at $41.17 at press time, according to Benzinga Pro.

Photo: courtesy of Roblox.

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