Roblox has announced its first quarter 2024 financial results, showing a significant increase in the company’s revenue and subscriptions.
Specific revenue in the first quarter was 801 million USD, up 22% over the same period last year. Roblox highlighted an increase in daily active users (DAUs), up 17% YoY to 77.7 million. The company notes that DAU growth is particularly strong in the Asia-Pacific region.
In terms of hours engaged, the document reports a 15% year-on-year increase to 16.7 billion, which also saw strong growth in the same region. Despite recording an “unreasonable decline” in engagement early in the first quarter, the company has been testing changes to its algorithm and reintroducing events to help drive growth and Improve the quality of Roblox.
“Our teams have worked effectively to expand opportunities to drive DAU, hours and engagement growth, again,” said Roblox founder and CEO David Baszucki. 20% mark compared to the same period last year. Based on results since mid-March, we believe these steps are delivering positive results.”
Chief Financial Officer Michael Guthrie said Roblox has “outperformed” over the past three quarters. They reduced some infrastructure, trust and safety spending, and reduced personnel costs (excluding stock-based compensation costs) by keeping headcount the same.
Roblox company increases investment. Photo: IGN.
Last September, about 30 employees from Roblox’s talent acquisition team were laid off to “better align with growth goals.” Looking ahead, the gaming company predicts revenue between $855 million and $880 million in the second quarter of 2024, while bookings are estimated at $870 million to $900 million.
During this year’s Game Developers Conference in San Francisco, Roblox also revealed that it is working on new AI tools to help its community create content easier and more accessible.
Roblox’s revenue increased to $801 million. Photo: GamePax.