UPDATE 1-Roblox IPO filing shows revenue surge as gaming thrives during pandemic

Advertisement

BEGIN ARTICLE PREVIEW:

By Anirban Sen3 Min Read(Reuters) – Roblox Corporation’s revenue surged in the first nine months of the year, a regulatory filing showed on Thursday in the gaming platform’s first public disclosure of its finances ahead of a U.S. stock listing later this year.FILE PHOTO: Alice Wilkinson (7) adds a face mask to her character on the game ‘Roblox’ at her home in Manchester, as the spread of the coronavirus disease (COVID-19) continues, Manchester, Britain, April 5, 2020. REUTERS/Phil Noble/File PhotoThe IPO plans comes as U.S. demand for video games ramps up with consumers seeking home entertainment amid long periods of home confinement during coronavirus lockdowns.Roblox’s revenue jumped 68% to $588.7 million for the first nine months of 2020, while net loss attributable to common shareholders widened to $203.2 million compared with $46.3 million a year earlier, the filing showed.Roblox amortizes revenue from sales on its platform over the duration of its paying user accounts, which is around two years. Roblox’s sales in the first nine months of 2020 totaled $1.24 billion, up 170% on a year earlier.Looking to cash in on the boom in demand, several gaming firms are aiming to float their shares as U.S. markets …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE