Summary by Moomoo AI
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