The company in charge of the game of the same name, Roblox, has reported that shares are down dramatically this quarter.
As reported by Reuters, following Roblox‘s announcement that the company missed its quarterly targets, shares dropped 13 per cent. When Roblox went public last year the company reported almost 50million active users, spending over 10billion hours on the gaming platform. Roblox is the most valuable gaming company in the US overtaking Activision Blizzard in November of last year.
The company still saw a 20 per cent rise this quarter, unfortunately, this fell $2million (£1.5million) short of its predictions. This is despite the amount of money users spent on its in-game currency ‘Robux’ rising by 83 per cent to almost $570million (£420million).
Analysts suggest that as the COVID-19 pandemic develops, children, who are Roblox‘s target consumers, are more likely to be spending time outside again, rather than inside playing games. Roblox has been trying to encourage players to remain on the platform with a number of metaverse themed events. Recently, DJ . Late last year also hosted a where she performed.
