Youth-centric video game platform Roblox (RBLX) on Thursday beat estimates for the first quarter but guided below views for the current quarter and full year. Roblox stock plummeted on the news.
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The San Mateo, Calif.-based company lost 43 cents a share on bookings of $923.8 million in the March quarter. Analysts polled by FactSet had expected Roblox to lose 53 cents a share on bookings of $919 million. In the year-earlier quarter, Roblox lost 44 cents a share on bookings of $774 million.
The company has been investing heavily to build out its version of the metaverse, a 3D virtual space for people to socialize and play games. Roblox online experiences range from gaming and social hangouts to concerts, sports, fashion shows, education and entertainment.
Based on the midpoint of its guidance, Roblox expects bookings in the second quarter of $885 million, vs. the consensus…
