Down 68%, This Metaverse Stock Is a Screaming Buy Right Now
Shares of Roblox (NYSE: RBLX) have been on a roller-coaster ride of late due to the company's results for the first quarter of 2022. Bookings fell short of Wall Street's expectations and the loss per share was bigger than expected.
The stock dropped more than 10% in extended trading following the release of the quarterly report on May 10. However, shares of the company that offers a platform for users to build, operate, and interact in three-dimensional virtual worlds jumped strongly over the next couple of days despite a visible slowdown in its growth trajectory. So, what led investors to scoop up stock in this potential metaverse winner, which has crashed 68% so far in 2022? Let's find out.
Roblox reported first-quarter revenue of $537 million, up 39% over the prior-year period. The company also saw a nice year-over-year increase of 28% in average daily active users (DAUs) to 54.1 million. What's more, Roblox engaged its users for 11.8 billion hours during the quarter, an increase of 22% over the year-ago period.
Source Fool.com
