Roblox Corporation, a leading online entertainment platform, reported a 22% increase in revenue for the first quarter of 2024, reaching $801.3 million compared to $655.3 million in the same period of 2023. The growth was primarily driven by a higher average number of daily unique paying users, which rose from approximately 812,000 to 914,000. Despite the revenue growth, the company posted a consolidated net loss of $271.9 million, slightly higher than the $269.9 million loss in Q1 2023. The net loss per share for common stockholders was $0.43, marginally improved from $0.44 in the previous year. Cost of revenue increased by 18% to $178.9 million, and developer exchange fees rose by 11% to $202.4 million, reflecting higher earnings by developers and creators due to the growth in bookings. Research and development expenses saw a significant increase of...Show More

Roblox Corporation, a leading online entertainment platform, reported a 22% increase in revenue for the first quarter of 2024, reaching $801.3 million compared to $655.3 million in the same period of 2023. The growth was primarily driven by a higher average number of daily unique paying users, which rose from approximately 812,000 to 914,000. Despite the revenue growth, the company posted a consolidated net loss of $271.9 million, slightly higher than the $269.9 million loss in Q1 2023. The net loss per share for common stockholders was $0.43, marginally improved from $0.44 in the previous year. Cost of revenue increased by 18% to $178.9 million, and developer exchange fees rose by 11% to $202.4 million, reflecting higher earnings by developers and creators due to the growth in bookings. Research and development expenses saw a significant increase of 31% to $362.1 million, attributed to continued growth in headcount supporting engineering, design, and product teams. General and administrative expenses remained relatively flat, while sales and marketing expenses increased by 33% to $35.5 million. The company's joint venture with Tencent Holdings, Roblox China Holding Corp., issued $30.0 million in debt, maturing in 2026, to fund its operations and expansion in China. Roblox's future plans include investing in its developer and creator community, technology, and infrastructure to improve the platform and support shared experiences globally.