Benzinga - Roblox Corp (NYSE: RBLX) shares are trading lower Wednesday after the company reported worse-than-expected earnings results for the first quarter.
What Happened: Roblox said first-quarter adjusted revenue increased 23% year-over-year to $773.8 million, which beat consensus estimates of $765.94 million, according to Benzinga Pro.
The company reported a first-quarter loss of 44 cents per share, which missed estimates for a loss of 40 cents per share.
Roblox said bookings were up 23%. Net cash from operating activities totaled $173.8 million.
Average daily active users climbed 22% year-over-year to 66.1 million. Hours engaged came in at 14.5 billion, up 23%. Average bookings per daily active user totaled $11.70, which was flat year-over-year.
"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," said Michael Guthrie, CFO of Roblox.
"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."
Management will hold a conference call to discuss these results at 8:30 a.m. ET.
From Last Week: Roblox And 3 Other Stocks Insiders Are Selling
RBLX Price Action: Roblox shares were down 9.78% at $32.66 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Roblox.
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