As we continue through the latest run of tech and game companies reporting on their latest fiscal quarter finishes, Roblox is one of the more notable groups on deck this week. The company behind the popular user-generated content app wrapped up its fiscal Q1 2023 and has reported on the results. Where Roblox ended up with a larger-than-expected loss on earnings-per-share (EPS) the company was at least able to post a beat on revenue (bookings for Roblox), overcoming Wall Street expectations.
Roblox posted its Q1 2023 earnings results on its investor relations website on May 10, 2023. According to the results, Roblox total bookings came out to $773.8 million USD. This was well above revenue expectations that called for $766 million from the company’s Q1 2023. As for EPS, this was a miss for Roblox. Wall Street estimates were expecting a loss of $0.40 per share, but Roblox actually ended up posting an even greater loss of $0.44 per share for Q1 2023.
Despite the EPS miss, Roblox (RBLX) stock has been up in trading today. Likely, this is due to the company’s win on bookings, which were well above the revenue estimates. This also comes as Roblox just announced it would cease monthly key metrics reports after a March 2023 report also fell short of Wall Street expectations. Nonetheless, the company continues to see success on its platform. Hours engaged by its users in the Roblox app were reported to be 14.5 billion, up 23 percent from Q1 2022. Average Daily Active Users (DAUs) were also up year-over-year at 66.1 million, which was a 22 percent increase.
Roblox continues to be one of the most popular user content experiences worldwide and it doesn’t seem to be slowing down anytime soon. Stay tuned as we continue to report on further tech companies as fiscal quarters end and earnings results come out.