Roblox Corp. posted its financial results for the fourth quarter and overall fiscal year of 2023-2024. And in a continued trend, the creation platform still operates at a loss.
Fourth quarter revenue hit $749.9 million, up 30 percent from the same period in 2022-2023. Bookings also grew by 25 percent to $1.1 billion.
But its net loss came to $323.7 million, building on its growth throughout 2023-24. The first two quarters hit $268.3 million and $282.8 million, respectively.
Interestingly, the third quarter saw a slight reduction at $277.2 million. But between then and now, net losses have grown by 16.8 percent.
For the overall fiscal year, revenue grew by 26 percent to around $2.79 billion. Bookings were up 23 percent at $3.52 billion, and net losses were $1.15 billion.
Roblox Corp. CEO David Baszucki held optimism that 2024 would see Roblox reach over 1 billion daily users. Daily users for the year were 68.4 million, up 22 percent.
The fourth quarter had the highest number of daily users at 71.5 million (up 22 percent). Earlier quarters reached 66.1 million, 65.5 million, and 70.2 million.
Roblox also grew its user rate to 60 billion players, up 22 percent from last year. Some of that can be attributed to its release on the PlayStation 4 and Meta Quest last year.
Both systems will be beneficial to company growth, said Baszucki in a shareholder letter. He also credited international users with the quarter’s growth in daily users and hours played.
Looking ahead to fiscal year 2024, Roblox Corp. said it expected to grow in revenue and bookings to $3.35 billion and $4.21 billion.
But it doesn’t seem to expect a profitable year, as it’s predicting an annual net loss of $1.365 million to $1.4 million.