Roblox Corp (NYSE:RBLX) reported an increase in revenue for its fourth quarter on Wednesday.
Roblox reported fourth-quarter FY23 Bookings growth of 25% year-on-year to $1.13 billion, beating the consensus of $1.08 billion. GAAP EPS loss of 52 cents beat the consensus loss of 55 cents. The revenue of the American video game developer grew by 30% Y/Y to $749.9 million, according to data from Benzinga Pro.
Average Daily Active Users (DAUs) were 71.5 million, up 22% Y/Y. Hours Engaged were 15.5 billion, up 21%Y/Y.
“We enter 2024 with even more conviction of being able to achieve our long-term goal of attracting over 1 billion daily active users with optimism and civility,” said David Baszucki, founder and CEO of Roblox.
Roblox expects first-quarter bookings of $910 million – $940 million (versus $902.69 million consensus) and FY24 bookings of $4.14 billion – $4.28 billion (versus $4.03 billion consensus).
Roblox shares gained 10.2% to close at $44.74 on Wednesday.
These analysts made changes to their price targets on Roblox after the company reported quarterly results.
- Needham raised the price target on Roblox from $51 to $55. Needham analyst Bernie McTernan maintained a Buy rating.
- Goldman Sachs boosted the price target on Roblox from $35 to $48. Goldman Sachs analyst Eric Sheridan upgraded the stock from Sell to Neutral.
- Barclays raised the price target on Roblox from $26 to $46. Barclays analyst Ross Sandler upgraded the stock from Underweight to Equal-Weight.
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