RBLX - 3 Things to Know About Roblox Stock in 2024
2024-01-29 05:21:00 ET
Investors are about to learn a lot more about Roblox 's (NYSE: RBLX) momentum heading into 2024. The online gaming platform is due to report its fourth-quarter results on Feb. 7 in an announcement that will also feature management's official outlook for the new year, a first for the company.
The stock has been volatile recently. Roblox shares are 69% below the all-time high they set when the pandemic was fueling fantastic growth for the company, but they surged 85% in the last two months of 2023 before giving up some of those gains in the new year. These swings reflect uncertainty around the company's near-term prospects. But investors should focus on the bigger trends likely to drive the business's results over the next several years.
The best reason to like Roblox stock in 2024 is the company's impressive momentum. Revenue soared 38% year over year in the third quarter compared to a 15% increase the previous quarter. Most Wall Street pros are expecting sales to rise 19% in full-year 2023, and they're forecasting a similar result in 2024.
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3 Things to Know About Roblox Stock in 2024