Roblox Corp RBLX shares are down approximately 15% Wednesday morning after the company reported worse-than-expected earnings results.
Roblox said third-quarter revenue increased 2% year-over-year to $517.7 million, while third-quarter bookings totaled $701.7 million.
Roblox reported a quarterly net loss of 50 cents per share, which missed average analyst estimates of 33 cents per share.
Average daily active users reached 58.8 million in the quarter, up 24% year-over-year. Average bookings per daily active user totaled $11.94, down 11% year-over-year. Hours engaged were up 20% year-over-year to 13.4 billion.
“We are pleased with the third-quarter growth in users, engagement and bookings, which demonstrates the significant progress we are making on key platform initiatives such as aging up and international growth,” said Michael Guthrie, CFO of Roblox.
Roblox said it expects October revenue to be between $184 million and $187 million.
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RBLX Price Action: Roblox has a 52-week high of $103.79 and a 52-week low of $21.65.
The stock was down 15.1% at $33.25 at time of publication.
Photo: courtesy of Roblox.