By Dhirendra Tripathi
Investing.com – Roblox stock (NYSE:) fell 4.7% Tuesday after the company’s second-quarter earnings missed estimates while July monthly numbers presented a mixed scenario.
Revenue rose 127% over 2020’s second quarter to $454.1 million but fell short of the $691.85 million estimated by analysts.
July revenue rose 2% to 4% from June.
The net loss widened to $140.13 million from $71.52 million in the second quarter of 2020, however. The company’s expenses ballooned as it more than trebled its expenses on research and development. General and administrative costs rose more than four-fold. Developer fees rose, too.
Average daily active users rose 29% year-over-year in the June quarter, and they rose 8% in July from the previous month. Hours engaged in the quarter grew 13% and 16% in July compared to June.
On a year-on-year basis, June-quarter bookings increased 35%. Sequentially, they rose by 10% to 11% in July.
The company also announced the acquisition of Guilded, a rival to Discord and a platform to connect gaming communities. Guilded is developing a chat platform for competitive gamers.
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