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Wednesday, November 08, 2023 8:18:59 AM
By: Investing | November 8, 2023
(Reuters) -Roblox on Wednesday beat third-quarter bookings estimates on strong demand for its popular games "Adopt Me!" and "Murder Mystery 2", sending the online gaming platform's shares up nearly 12% in premarket trading.
The results are the latest sign that spending was holding up well on videogames in an uncertain economy, after Electronic Arts (NASDAQ:EA) reported better-than-expected quarterly results and raised its annual earnings projection last week. Analysts had expected Roblox to benefit in the third quarter from school summer breaks when children allocate more of their time to gaming activities. Roblox posted net bookings of $839.5 million in the third quarter ended Sept.30, beating estimates of $830.2 million, according to LSEG data.
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