Roblox (RBLX) is showing big signs of life again.
In fact, after plummeting from about $47 to $34, the stock is starting to pivot. From current prices, we’d like to see RBLX refill its bearish gap around $46 again shortly. Helping, the company topped quarterly bookings, with year-over-year growth of 23% to $773.8 million. Revenues were also up 22% year over year to $655.3 million.
“In Q1 2023 we delivered strong performance across our core operating and financial metrics,” said Michael Guthrie, chief financial officer of Roblox. “Now that we are generating high rates of year-over-year bookings growth, we can now moderate our rate of investment in headcount and infrastructure thereby generating operating leverage. We also expect to see more of our bookings processed through credit cards and prepaid cards which will also have a positive impact on margins.”
RBLX last traded at $39.34 – up $3.15 on a volume spike to 20.76 million shares, as compared to daily average volume of 11.4 million.