Roblox goes public

Roblox Adopt Me Bucks Roblox opens its books Snap makes an acquisition and Pfizer and BioNTech seek regulatory approval for their vaccine. This your Daily Crunch for November 20 2020.

The company is not the first gaming platform company to go public this year with gaming engine Unity debuting earlier this year. After its IPO Unity shares have rocketed perhaps preparing the public markets for Roblox’s own debut.

Roblox reported revenue of $588.7 million during the first nine months of 2020 a 68 percent increase over the same period in 2019. The company has spent a lot more money as it’s grown though. Roblox reported losses of $203.2 million for the first nine months of 2020 — an increase so large that Roblox decided not to list the percentage jump from the prior year (it’s 339 percent or more than quadruple the loss). Cost of revenue appears to have spiked as more people used the platform and Roblox began paying out more money to developers.

The company then has grown more quickly in 2020 to date than it did in 2019 anRoblox Adopt Me Money impressive acceleration at scale. A COVID-derived tailwind has helped the company with Roblox stating in its S-1 filing that it enjoyed “rapid growth” in part of Q1 and all of Q2 and Q3 that it says was “due in part to the COVID-19 pandemic given our users have been online more as a result of global COVID-19 shelter-in-place policies.”

Roblox’s IPO comes alongside a number of other startups that have rushed to go public after the chaos of the presidential election. Airbnb and DoorDash also filed to public over the past week. For Roblox now appears to be a particularly auspicious time for it to go public — the company’s numbers look strong on the back of the pandemic. There’s no guarantee that’ll continue into the future but Roblox has already started to preview how it plans to keep players’ interest in the months ahead.

Hot Wheels Open World is now available on the Roblox platform on Xbox One PC and Mac and it’s coming soon to Roblox on iOS and Android devices.

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