Roblox slides another 12% as bookings decline and miss; April shows steeper drop

May 10, 2022 4:34 PM ETRoblox Corporation (RBLX)By: Jason Aycock, SA News Editor25 Comments

Roblox Developer Conference 2019

Ian Tuttle/Getty Images Entertainment

Roblox (NYSE:RBLX) is still on the slide, falling 12.2% after hours following its first-quarter earnings report, where it missed top and bottom-line expectations and saw bookings decline slightly year-over-year.

Bookings fell by 3%, worse than the 1% decline expected, to $631.2 million. Nominal revenue (unadjusted) rose 39% to $537.1 million, but bookings provides a clearer picture as it reflects purchases of the company's virtual currency ("Robux").

Amid higher expenses, operating loss swelled to $151.6 million from a prior-year $135.1 million, and attributable net loss widened to $160.2 million from $134.2 million.

"We remained focused on delivering our innovation roadmap to unlock the full potential of the Roblox platform and drive long-term returns for investors," said CEO David Baszucki.

Net cash from operations dipped to $156.4 million from a year-ago $164.5 million, and free cash flow came to $104.6 million. Cash and equivalents at quarter-end rose to $3.13 billion from a prior-year $1.6 million.

Average daily active users continued growth at a good clip, up 28% to a record 54.1 million, and hours engaged climbed 22% to a record 11.8 billion. Average bookings per DAU was $11.67.

An indication of trends came from a breakout of April metrics: Bookings were down 8-10% to $221 million-$224 million, while DAUs rose 23% to 53.1 million; hours engaged rose 18%, to 3.8 billion; and average bookings per DAU fell 25-26% to $4.16-$4.22.

Conference call to come Wednesday at 8:30 a.m. ET.

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