Shares of Roblox (NYSE:RBLX) fell in early trading Wednesday after the company reported second-quarter results that missed analysts’ expectations on top and bottom lines.
The company lost 46 cents per share vs. 45 cent loss per share expected, according to a Refinitiv survey of analysts.
Revenue, based on what the company calls bookings, amounted to $781 million vs. $785 million expected.
Bookings include sales recognized during the quarter and deferred revenue. Bookings rose by 22% year over year. Roblox reported $639.9 million in bookings in the year-ago quarter. The company generates revenue from sales of its virtual currency called Robux, which players use to dress up their avatars and buy other premium in-game features.
Roblox reported 65.5 million average daily active users, up 25% from a year earlier. Users spent more than 14 billion hours engaged in Roblox during the fourth quarter, up 24% year over year.
The company’s platform has historically been popular with younger children, but Roblox has been working to expand usage across all age groups. In June, Roblox announced eligible creators can build experiences featuring mature content like some forms of violence, romantic themes and moderately crude humour for users aged 17 and older.
The company reported a net loss of $282.8 million for the quarter, which ended June 30. Roblox reported a net loss of $176.4 million for the same period in 2022.
RBLX shares tumbled $7.81, or 20.7%, to $29.91.
