Roblox cut its annual bookings forecast on Thursday, fanning concerns about a slump in the videogame industry and sending its shares down 23% to mark their worst day in more than two years.
The Roblox logo is displayed on a banner, to celebrate the company's IPO, on the front facade of the New York Stock Exchange in New York, U.S., March 10, 2021. REUTERS/Brendan McDermid/File Photocut its annual bookings forecast on Thursday, fanning concerns about a slump in the videogame industry and sending its shares down 23% to mark their worst day in more than two years.
Roblox expects full-year bookings — an indicator of future revenue — to be between $4 billion and $4.10 billion, down from its earlier view of $4.14 billion to $4.28 billion.Roblox was conservative with its quarterly view as the Easter holiday, a period of high engagement on its platform, was during the first quarter this year compared with the second quarter in 2023, Finance chief Michael Guthrie said in an interview with Reuters.
Average daily active users increased 17% to 77.7 million — the lowest growth rate since going public in 2021. The number of hours gamers aged 13 or more spent on Roblox's platform grew 19%, the lowest growth rate in about two years. Roblox plans to start providing forecast for ad revenue in 2025 and expects the business to contribute to its growth in 2026 and 2027, company executives said on a post-earnings conference call on Thursday.
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