Operating losses grew, too, rising to $290 million from $151 million last year.
This metric isn't moving in the right direction, either, having expanded to $270 million in Q1 from $160 million a year earlier. Many investors are understandably turned off by Roblox's net losses. There are real reasons to expect losses will shrink "The momentum in our business demonstrates the success of our creator community," CEO David Baszucki said in a press release. Hours of engagement for the first quarter of 2023 rose at roughly the same year-over-year rate, reaching 14.5 billion.Īnd bookings, which mainly come from the sale of virtual currency, were up 25% year over year (after accounting for foreign currency exchange rate swings). Robox in mid-May reported a 22% increase in daily users year over year as that group crossed 66 million. There's strong evidence of this cycle at work today. Increased engagement is important for most entertainment platforms, but especially in this case where the company needs to attract both users and content creators so that it can create a virtuous cycle between the two groups. It generates most of its revenue from the in-game currency these users exchange. Roblox is first and foremost an online game platform and game creation system that allows users to program games and play games created by other users. Engagement is a key metric for Roblox right nowĪt this stage in Roblox's growth story, engagement is a major priority.
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