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Roblox (RBLX) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
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Roblox (RBLX - Free Report) reported first-quarter 2023 loss of 44 cents per share, missing the Zacks Consensus Estimate by 4.76%. The company had reported a loss of 27 cents per share in the year-ago quarter.
Revenues lagged the Zacks Consensus Estimate by 14.3% but increased 22% year over year to $655.3 million while being focused on innovation and burning almost no cash.
Net bookings jumped 23% year over year to $773.8 million from $629.1 million in the year-ago quarter.
Roblox Corporation Price, Consensus and EPS Surprise
Average Daily Active Users were 66.1 million, which increased 22% year over year.
Money flowing to the developer community increased 24% year over year to $182 million in first-quarter.
Hours Engaged were 14.5 billion, up 23% year over year. The 13-and-up segment increased 31% year over year, which is the target market for future growth.
Operating Details
Developer exchange fees in the first quarter rose 24% year over year, reaching $182.4 million. Infrastructure and trust & safety expenses shot up by 49.3% year over year to $211.04 million.
Research & development and general & administrative expenses were up 55% and 68.9% year over year to $275.5 million and $97.5 million, respectively. Sales & marketing expenses decreased 8.1% year over year to $26.7 million.
Adjusted EBITDA came in at $53.1 million, down 21.8% from the year-ago period.
Balance Sheet
As of Mar 31, 2023, Roblox had cash and cash equivalents of $828.1 million compared with $2.97 billion as of Dec 31, 2022.
Cash flow from operating activities in first-quarter 2023 was negative $269.9 million compared with the year-ago quarter’s level of negative $162 million. The cash flow from operating activities in the previous quarter was $119.2 million.
Monro Muffler Brake and DouYu International are scheduled to report quarterly results on May 18. YETI is scheduled to report its quarterly report on May 11.
The Zacks Consensus Estimate for MNRO’s first-quarter 2023 earnings is pegged at 33 cents per share, unchanged over the past 30 days.
The Zacks Consensus Estimate for YETI’s first-quarter 2023 earnings is pegged at 15 cents per share, which increased by 1 cent per share over the past 30 days.
The Zacks Consensus Estimate for DOYU's first-quarter 2023 earnings is pegged at a loss of 1 cent per share, which increased by 1 cent per share over the past 30 days.
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Roblox (RBLX) Q1 Earnings Miss Estimates, Revenues Rise Y/Y
Roblox (RBLX - Free Report) reported first-quarter 2023 loss of 44 cents per share, missing the Zacks Consensus Estimate by 4.76%. The company had reported a loss of 27 cents per share in the year-ago quarter.
Revenues lagged the Zacks Consensus Estimate by 14.3% but increased 22% year over year to $655.3 million while being focused on innovation and burning almost no cash.
Net bookings jumped 23% year over year to $773.8 million from $629.1 million in the year-ago quarter.
Roblox Corporation Price, Consensus and EPS Surprise
Roblox Corporation price-consensus-eps-surprise-chart | Roblox Corporation Quote
User Base Details
Average Daily Active Users were 66.1 million, which increased 22% year over year.
Money flowing to the developer community increased 24% year over year to $182 million in first-quarter.
Hours Engaged were 14.5 billion, up 23% year over year. The 13-and-up segment increased 31% year over year, which is the target market for future growth.
Operating Details
Developer exchange fees in the first quarter rose 24% year over year, reaching $182.4 million. Infrastructure and trust & safety expenses shot up by 49.3% year over year to $211.04 million.
Research & development and general & administrative expenses were up 55% and 68.9% year over year to $275.5 million and $97.5 million, respectively. Sales & marketing expenses decreased 8.1% year over year to $26.7 million.
Adjusted EBITDA came in at $53.1 million, down 21.8% from the year-ago period.
Balance Sheet
As of Mar 31, 2023, Roblox had cash and cash equivalents of $828.1 million compared with $2.97 billion as of Dec 31, 2022.
Cash flow from operating activities in first-quarter 2023 was negative $269.9 million compared with the year-ago quarter’s level of negative $162 million. The cash flow from operating activities in the previous quarter was $119.2 million.
Zacks Rank and Stocks to Consider
Currently, Roblox carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Consumer Discretionary sector are Monro Muffler Brake (MNRO - Free Report) and YETI (YETI - Free Report) , carrying a Zacks Rank #2 (Buy) and DouYu International (DOYU - Free Report) sporting a Zacks Rank#1 (Strong Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
Monro Muffler Brake and DouYu International are scheduled to report quarterly results on May 18. YETI is scheduled to report its quarterly report on May 11.
The Zacks Consensus Estimate for MNRO’s first-quarter 2023 earnings is pegged at 33 cents per share, unchanged over the past 30 days.
The Zacks Consensus Estimate for YETI’s first-quarter 2023 earnings is pegged at 15 cents per share, which increased by 1 cent per share over the past 30 days.
The Zacks Consensus Estimate for DOYU's first-quarter 2023 earnings is pegged at a loss of 1 cent per share, which increased by 1 cent per share over the past 30 days.