On November 8th, Roblox Corporation unveiled the company’s financial results for the third quarter of the 2021 fiscal year. The organization showed immense growth from last year to this year.
The report showed that the company’s revenue increased by 102% from Q3 of 2020 to Q3 of 2021 hitting a high of $509.3 million. Additionally, free cash flow grew by 7% from last year to this year.
Bookings for the organization rose 28% to $637.8 million. This easily beat analyst expectations who forecast the company would record $624.2 million in Q3 bookings based on data compiled by Bloomberg.
This announcement caused shares of stock in the company to jump by almost 35% on Tuesday, November 9th. This raised Roblox Corp’s market cap to a record $60 billion.
“Engagement is our north star. We’re very pleased that during the third quarter, people of all ages from across the globe chose to spend over 11 billion hours on Roblox,” said David Baszucki, Chief Executive Officer of Roblox. “We are happy to report that the developer community earned over $130 million in the quarter and is on pace to earn well over $500 million this year. As we finish 2021 and head into 2022, we will continue to invest in innovative technology to enable our developer community to do what they do best – build and create.”
(All information was provided by Ad Age, Business Insider, and Roblox)
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