Roblox shares soared 42%. The company has overtaken Activision Blizzard in capitalization
During the third quarter, Roblox earned $509.3 million and generally exceeded investors’ expectations. As a result, the company’s shares soared by 42.2%. Thanks to this, Roblox took the first place in capitalization among US gaming companies, overtaking the previous leader in the person of Activision Blizzard.Roblox’s quarterly revenue grew by 102% year-on-year.
At the same time, the DAU indicator increased by 31% and reached 47.3 million players.
Investors were satisfied with the financial results of the company. On November 9, its shares rose from $77.16 to $109.55 per day. Today they are trading at $98.12 apiece.
As
a result, Roblox’s market capitalization reached $62 billion. As
Sarah Needleman of The Wall Street Journal noted, this made her the number one gaming company by capitalization in the United States.
Activision Blizzard has moved to second place with a capitalization of $52 billion. The third place is now occupied by Electronic Arts with an estimate of $39.7 billion.
Activision Blizzard shares have once again lost value after the publication of the latest financial report. This may be due, among other things, to the transfer of Diablo IV and Overwatch 2. Also, the company’s shares have continued to fall since the beginning of the lawsuit and the harassment scandal.
