Roblox Corp on Tuesday missed Wall Street estimates for quarterly bookings as the pandemic-driven frenzy for its video games waned, sending shares of the gaming platform down more than 15% in extended trading.
Among the world’s most popular gaming sites for children, Roblox emerged as pandemic winner last year when people stuck at home turned to gaming to get rid of boredom as well as for social interactions.
However, the lifting of restrictions and reopening of schools in North America has increased outdoor activities, hitting the boom in user spending for the company’s games.
Shares of San Mateo, California-based Roblox fell 1.7% till Monday’s close, since the company’s market debut in March last year.
Net loss attributable to common stockholders in the fourth quarter ended Dec. 31 widened to $143.3 million from $58.7 million, a year earlier
The company posted a 20% rise in bookings to $770.1 million. Analysts had expected $772 million, according to IBES data from Refinitiv.
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