He said those actions likely added upward pressure to Roblox's stock, contributing to the sizable gain in share price Tuesday. The fact Roblox turned in a surprisingly short quarter likely caused some short-sellers to cover their position, hoping to minimize losses, according to Cramer. Some bearish investors bet against Roblox's stock using a strategy known as short-selling because they expected booking and engagement growth to moderate, especially given the company faced challenging year-over-year comparisons. But for that reason, there were questions about the sustainability of Roblox's growth as Covid vaccinations rolled out, prompting individuals to more freely resume pre-Covid activities including the widespread return of in-person schooling. The company, known for its popularity among children, benefited from the coronavirus pandemic as people spent more time at home and turned to entertainment options such as Roblox's app. Average daily active users checked in at 47.3 million in Q3, a 31% year-over-year increase. That represented a 28% jump compared with the same quarter in 2020.
Roblox recorded bookings of $637.8 million in the quarter, beating analysts' expectations of $636.5 million, according to Refinitiv.
"Our whole company is really focused on the innovation to drive and shepherd this vision of what some people call the metaverse - or human co-experience - forward," Baszucki added.īaszucki's appearance followed Roblox shares surging 42.23% Tuesday to close at $109.52 apiece, as Wall Street digested the video-game company's third-quarter results from the prior evening. It went public via direct listing in March. For the last 16 years, we've been innovating on this category, building an amazing community not just of players, but an amazing developer community - 2 million strong that makes everything on our platform a rich economy," said Baszucki, who also founded Roblox alongside Erik Cassel. "Our business plan for 17 years ago predicted this new category where people can come together. Roblox has been striving to create a version of it since its formation in 2004, Baszucki said in an interview with CNBC's Jim Cramer on "Mad Money." Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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