Roblox reported a total of $774 million in “bookings”, which jumped by a staggering 23% in comparison to the previous year.
During the first quarter of the year 2023, the Roblox growth engine maintained pace by increasing the daily active users along with the sales of Robux, the in-game digital currency.
Roblox, which is also a metaverse game platform, has been a social gathering place for many players and has reported a total of $774 million in “bookings”, which jumped by a staggering 23% in comparison to the previous year, as reported by the company in its earnings statement.
Roblox classifies “Bookings” only when it generates revenue after the user purchases the “Robux” currency. As said, Robux is an in-app currency using which customers can customize their avatars.
During the first quarter of 2023, the daily active users on the Roblox platform rose to 66.1 million, marking a 22$ increase in comparison to the same period in 2022. Roblox CEO David Baszucki said that the number of users on the platform has reached an all-time high and has an ambitious goal of hitting 1 billion daily active users. Speaking on the matter, Baszucki said:
“Since inception we have focused on building a technology platform that enables a large and growing community of creators to build amazing experiences. The momentum in our business demonstrates the success of our creator community as they bring their visions to life on Roblox, attracting an ever-growing global user base that spans all ages.”
Roblox Stock Surge
The stock price of Roblox Corporation (NYSE: RBLX) has had a healthy run this year in 2023. Since the beginning of 2023, the RBLX stock has surged by 40% against the 18% gains of the Nasdaq Composite. As of Wednesday’s closing, the RBLX stock was trading at a price of $38.87. Speaking of the company’s performance in the first quarter, Michael Guthrie, chief financial officer of Roblox, said:
“In Q1 2023 we delivered strong performance across our core operating and financial metrics. Now that we are generating high rates of year-over-year bookings growth, we can now moderate our rate of investment in headcount and infrastructure thereby generating operating leverage. We also expect to see more of our bookings processed through credit cards and prepaid cards which will also have a positive impact on margins.”
It will be interesting to see whether Roblox can continue with this growth momentum in the upcoming quarters ahead.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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