Roblox (NYSE:RBLX) stock is soaring higher on Tuesday following the release of the company’s earnings report for the third quarter of 2021.
Roblox is a gaming platform that allows users to play and create each others’ games. It also includes premium currency that users can spend on in-game items, as well as for some game purchases. Plus, it’s getting extra attention lately thanks to its metaverse connections.
Keeping that in mind, let’s dive into the most recent earnings report boosting RBLX stock today below!
- Roblox reported diluted losses per share of 13 cents during its Q3 earnings report.
- That’s a win for the company compared to Wall Street’s estimate of -14 cents per share.
- It’s also a major improvement over the company’s diluted per-share losses of 26 cents in the same period of the year prior.
- Adjusted revenue was another positive for Roblox with bookings at $637.8 million.
- For perspective, analysts were expecting revenue of $636.5 million for the quarter.
- This also represents a 28% gain over the company’s bookings of $496.5 million in Q3 2020.
Michael Guthrie, CFO of Roblox, said the following in the earnings report sending RBLX stock higher.
“Growth in all of our core metrics – DAUs, hours, and bookings – displayed strong year-over-year growth despite lapping Covid-impacted periods and back-to-school seasonality. Notwithstanding significant investments in developer economics and hiring, we also generated healthy cash from operations. Based on our October results, we appear to be having a great start to the last quarter of the year.”
The positive earnings report is also bringing extra trading to RBLX stock today. As of this writing, more than 63 million shares of the stock have changed hands. That’s an impressive jump over its daily average trading volume of 7.4 million shares.
RBLX stock was up 34% as of Tuesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.