Online gaming platform Roblox’s shares increased by as much as 5% in after-hours trading after the company reported its first earning report since the company began trading shares in March this year.
For the first quarter of 2021, Roblox reported a revenue of $387 million which is up 140% from the same quarter of the previous year.
The growth was largely driven by the increasing number of players flocking to the platform during the ongoing pandemic and purchasing its in-game currency named Robux to buy items such as costumes and pets.
Also Read: Roblox Revenue and Usage Stats
However, the company still reported a net loss of $134.2 million, 46 cents per share, for Q1 2021.
Meanwhile, daily active users of Roblox increased by 79% and reached 42.1 million who spent $652.3 million and approximately 9.7 billion hours playing games on the platform in the first quarter.
“Even for countries coming out of Covid, we have seen amazing stickiness with our daily active users and bookings,” said Dave Baszucki, Roblox CEO & founder. “Hours per user is moving more toward historic levels, but we’re very optimistic.”