Why Is Roblox Stock Trading Higher Friday?

Roblox Corp RBLX stock is trading higher amid reports of Nicki Minaj joining the popular gaming platform, coinciding with the release of her new album, "Pink Friday 2," on December 8, 2023.

As confirmed by her verified profile on Roblox, a placeholder experience titled "Nickiplaceholder's Place" suggests an upcoming game or virtual event related to her album launch, Ginx TV reports.

Also Read: Roblox's Investor Day Sparks Analyst Optimism: Highlight Projected Bookings Growth And Margin Expansion

In 2022, rumors surfaced about Minaj planning a virtual concert on Roblox. 

"Pink Friday 2," her fifth studio album, is produced by Young Money Entertainment and Republic Records, featuring artists like J. Cole, Lil Wayne, Drake, and Tasha Cobbs Leonard, and includes hit singles such as "Super Freaky Girl" and "Last Time I Saw You."

In November, Roblox reported third-quarter FY23 Bookings growth of 20% year-on-year to $839.5 million, beating the consensus of $829.9 million. Revenue grew by 38% Y/Y to $713.2 million.

Average Daily Active Users (DAUs) were 70.2 million, up 20% Y/Y. 

Average monthly unique payers were 14.7 million, up 14% year-over-year.

The stock has gained over 46% year-to-date.

Price Action: RBLX shares traded higher by 2.21% at $40.74 on the last check Friday.

Photo Via Wikimedia Commons