(Reuters) –Roblox Corp missed estimates for quarterly bookings on Tuesday, as demand for its online games waned with kids returning to school after pandemic curbs ease.
Easing of restrictions and a reopening economy has affected bookings for pandemic winner Roblox, one of the world’s most popular gaming sites for children, as kids now spend more time outdoors.
The San Mateo, California-based company posted a 3% fall in first-quarter bookings to $631.2 million. Analysts had expected $644.8 million, according to IBES data from Refinitiv.
The company generates most of its money from virtual currency “Robux”, which players can purchase to spend in-game on upgrading avatars with items like outfits, accessories and pets.
Net loss attributable to common stockholders widened to $160.2 million, from $134.2 million a year earlier.
(Reporting by Richard Rohan Francis in Bengaluru; Editing by Devika Syamnath)