Why Roblox Stock Rocketed 42% Today

Shares of Roblox (NYSE: RBLX) soared by 42% on Tuesday after the popular video game development company delivered strong third-quarter numbers.

Roblox's revenue surged by 102% year over year to $509.3 million. Meanwhile, the company's bookings -- a key metric that factors in deferred revenue and represents the dollar amount of virtual currency that users bought during the quarter -- jumped by 28% to $637.8 million.

This heady growth was driven by a 31% rise in average daily active users (DAUs) to 47.3 million, and a 28% increase in hours engaged to 11.2 billion.

Source Fool.com