Why Roblox Shares Are Popping Off

Roblox Corp RBLX shares are trading higher by 4.76% to $40.06 Thursday afternoon in sympathy with peer metaverse-related stock Meta Platforms Inc. META, which reported strong fourth-quarter results. Meta Platforms on Wednesday reported better-than-expected fourth-quarter revenues, cut its FY23 expense outlook and announced a $40 billion increase in its buyback authorization. DAUs increased 4% year over year.

See Also: Trading Strategies For Amazon Stock Before And After Q4 Earnings

What Happened?

Meta Platforms reported fourth-quarter revenue of $32.17 billion, down 4% year-over-year. The revenue figure came in ahead of a Street estimate of $31.53 billion, according to data from Benzinga Pro.

Meta Platforms reported fourth-quarter earnings per share of $1.76, missing a Street estimate of $2.22. The company said earnings per share would have been $1.24 higher without restructuring charges in the fourth quarter.

The company ended the fourth quarter with 2.96 billion daily active...Read More

RBLX has a 52-week high of $73.71 and a 52-week low of $21.65.