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Roblox misses quarterly bookings estimates on lower spending, shares tumble

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:Gaming platform Roblox missed estimates for second-quarter bookings on Wednesday as waning demand for its online games and intensifying competition hurt growth, sending its shares down 8 per cent in trading before the bell.The videogame industry is struggling with a slowdown in spending as inflation-weary ga

:Gaming platform Roblox missed estimates for second-quarter bookings on Wednesday as waning demand for its online games and intensifying competition hurt growth, sending its shares down 8 per cent in trading before the bell.

U.S. spending on videogame content, including new games and character skins, was flat in the first half of the year, while console sales rose 23 per cent, according to data from gaming research firm Circana.Roblox, which operates a metaverse – an emerging virtual space where people play games and make transactions - is available on mobile devices, desktops and Microsoft's Xbox.

The company, popular for games such as"Adopt Me!" and"Brookhaven", posted net bookings of $780.7 million in the quarter, missing analysts' average estimate of $784.9 million, according to Refinitiv data. Net loss attributable to shareholders stood at $282.8 million in the quarter, compared with $176.4 million, a year earlier.

 

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