Why Roblox Shares Are Diving

Roblox Corp RBLX shares are trading lower by 9.26% to $39.46 on continued downward momentum following the company's Investor Day event. Also, LightShed partner Brandon Ross tweeted the company's booking growth in August decelerated month over month. Overall market weakness is also impacting the stock.

What Happened?

The stock also fell Thursday amid the company's investor day event and after Brandon Ross of LightShed Partners tweeted 'Roblox DAU hit an all time high of 59.9mm in August. August bookings decelerated to 7% y/y growth in August and was down 4% from July. $RBLX'.

Roblox reportedly said the company is optimistic long term and they will be in good shape around the world even without advertising.

Roblox shares have also been volatile in recent sessions in tandem with several companies in the broader communications, media and entertainment industry amid overall market weakness after August CPI data showed greater-than-expected US inflation.

This has caused economic concerns and raised expectations for more aggressive Fed policy, which could affect overall consumer spending appetite.

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According to data from Benzinga Pro, Roblox has a 52-week high of $141.60 and a 52-week low of $21.65.