RBLX - My Favorite Metaverse Stock Just Went on Sale
2024-05-10 05:11:00 ET
Metaverse gaming platform Roblox (NYSE: RBLX) posted generally strong first-quarter numbers, with bookings up by 19% year over year and a narrower-than-expected net loss. The company produced its highest free cash flow in a single quarter ever .
Roblox's user base continues to grow, with 77.7 million daily active users (DAUs) at the end of the first quarter -- up by more than 6 million since the end of 2023. Currently, 13% more users than a year ago are paying for experiences on the platform, and the average DAU is spending slightly more on the platform than a year ago.
However, the stock tanked by as much as 30% following its earnings report. Here's why it dropped and why the new, lower share price could be a gift to patient long-term investors.
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My Favorite Metaverse Stock Just Went on Sale