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Roblox Corp Ordinary Shares - Class A - Stock Quote RBLX

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Morningstar's Roblox Corp Ordinary Shares - Class A Stock Analysis

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Roblox Posts Mixed Q1; International and Engagement Efforts Driving Improved Underlying Metrics

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Roblox reported a mixed start to 2022 as user growth reaccelerated but bookings declined year over year. However, the platform posted decent underlying metrics with growth in global daily active users to 53.1 million from 49.5 million last quarter and an improvement in reach among older gamers as 52.3% of users were over the age of 13 versus 48.6% a year ago. Engagement also expanded to over 11.8 billion hours, up 28% versus a year ago. We're lowering our fair value estimate to $80 from $100 to account for lower bookings per DAU, partially offset by higher DAU growth, over the next few years. With shares trading at a significant discount to our updated fair value estimate, we believe investors can gain exposure to the firm’s unique model with a large margin of safety, but we expect shares to remain highly volatile. 

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Roblox Corp Ordinary Shares - Class A's Company Profile

Business Description

Roblox operates an online video game platform that lets young gamers create, develop, and monetize games (or “experiences”) for other players. The firm effectively offers its developers a hybrid of a game engine, publishing platform, online hosting and services, marketplace with payment processing, and social network. The platform is a closed garden that Roblox controls, earning revenue in multiple places while benefiting from outsourced game development. Unlike traditional video game publishers, Roblox is more focused on the creation of new tools and monetization techniques for its developers then creating new games or franchises. Roblox is increasingly focused on creating a “metaverse” that moves beyond games toward experiences like concerts, education, and even business management.

970 Park Place
San Mateo, CA, 94403
T +1 888 858-2569
Sector Communication Services
Industry Electronic Gaming & Multimedia
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Speculative Growth
Employees 1,600

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