Roblox Corp exceeded market estimates for quarterly bookings on Monday as demand for its video games “MeepCity” and “Adopt Me!” stayed strong even after pandemic-led curbs eased.
Shares of Roblox, among the world’s most popular gaming sites for children, jumped 14% in extended trading.
People had turned to video games for entertainment during last year’s months-long isolation, sparking a boom that is yet to slow down despite the lifting of COVID-19 restrictions.
Data from analytics firm Sensor Tower shows consumer spending on video games rose 7.7% in the third quarter.
San Mateo, California-based Roblox has capitalized on the boom by allowing users to create an in-game metaverse, a shared virtual world where people in the form of avatars can interact with others.
The company posted a 28% rise in bookings to $637.8 million for the third quarter. Analysts had expected bookings of $636.5 million, according to IBES data from Refinitiv.
Read all the Latest Tech News here
Comments
0 comment