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Roblox misses quarterly expectation for bookings

Aug 9 (Reuters) - Roblox Corp RBLX.N missed estimates for quarterly bookings on Tuesday, as the gaming platform faced a slowdown in the pandemic-fueled surge in spending for its games including "Jailbreak" and "Adopt Me!". Shares of the San Mateo, California-based company fell 11% in extended trading. During the pandemic, more people turned to gaming as an alternate source of entertainment giving a boost to the mobile gaming sector, one of the largest sub-segment of the broader video gaming industry. However, with many options of entertainment available again following subsequent re-opening, gaming demand has slowly subsided. According to data from analytics firm SensorTower, overall mobile game revenue in the United States fell by 9.6% to $11.4 billion year-over-year during the first half of this year, while downloads declined by 2.5%. Earlier in June, Roblox also reported a hit from a stronger U.S. dollar with the company saying the impact of foreign currency fluctuations hurt its May bookings and led to a reduction of about 4% in the bookings growth rate. The company, famous for its game "MeepCity", posted net bookings of $639.9 million in the second quarter, compared with $665.5 million a year earlier. Analysts were expecting net bookings of $644.4 million, according to Refinitiv data. Net loss attributable to common stockholders widened to $176.44 million, or 30 cents per share for the quarter ended June 30, from $140.13 million, or 25 cents per share, a year earlier. (Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri) ((tiyashi.datta@tr.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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