Why Roblox Stock Was Higher During a Down Day for the Markets
Shares of Roblox (NYSE: RBLX) were up 9.7% as of 12:06 p.m. ET on Tuesday. It's notable that other video game stocks were also trading higher. Electronic Arts and Take-Two Interactive were slightly up, while the S&P 500 index was down 1.6%.
There was no company-specific news to explain Roblox's bounce today. Other beaten-down growth stocks were trading higher, including Meta Platforms, Snowflake, and Netflix.
Roblox reported revenue growth of 39% year over year in the first quarter, but bookings, a non-GAAP (adjusted) measure of revenue, fell 3%. That trend worsened in April, with bookings accelerating the decline to between 8% and 10% year over year. In June, the company estimated that bookings for the month of May fell between 9% and 11% year over year.
Source Fool.com
