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AmextaFinance > Investing > Roblox’s stock roars higher as losses narrow
Investing

Roblox’s stock roars higher as losses narrow

News Room
Last updated: 2023/11/08 at 10:30 PM
By News Room
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Roblox Inc. shares jumped more than 13% higher in Wednesday’s premarket action after the gaming company saw losses narrow and come in better than what analysts were modeling.

The company generated a third-quarter net loss of $277.2 million, or 45 cents a share, compared with a loss of $297.8 million, or 50 cents a share, in the year-earlier period. The FactSet consensus was for a 49-cent loss per share.

Roblox
RBLX,
+11.83%
“slowed spending growth across most of our major expense categories,” Chief Financial Officer Michael Guthrie said in a release, leading to margin improvement on a sequential and year-over-year basis.

Revenue jumped to $713.2 million from $517.7 million, whereas analysts were looking for $700.5 million.

The company also reported $839.5 million in bookings, up 20% from a year before and ahead of the FactSet consensus, which was for $824.7 million. Roblox defines bookings as revenue plus the change in deferred revenue during the period, with some other non-cash adjustments. The company notes that bookings overwhelmingly reflect sales of virtual currency.

Average bookings per daily active user came in at $11.96, flat with the year-earlier total. The company had an average of 70.2 million daily active users in the third quarter, up 20% from a year prior and above the 69.6 million that analysts were projecting.

“While we continue to invest in innovation, we are now entering a new phase where we can slow the growth in operating expenses and capital expenditures, thereby generating operating leverage and free cash flow,” Guthrie said in the release.

Read the full article here

News Room November 8, 2023 November 8, 2023
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