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Roblox Corp. (NYSE: RBLX) shares plunged about 16% in premarket trading after the gaming platform reported mixed second-quarter 2026 results and issued weaker-than-expected third-quarter bookings guidance, raising concerns about its near-term growth outlook.
The company posted a second-quarter loss of $0.26 per share, beating analysts' expectations for a $0.35 loss. Revenue climbed 36% year-over-year to $1.47 billion, topping the consensus estimate of $1.42 billion. However, several key operating metrics fell short of Wall Street forecasts.
Daily active users reached 123 million, below analysts' expectations of 128.71 million. Bookings totaled $1.56 billion, missing the projected $1.60 billion, while hours engaged came in at 29 billion versus the expected 30.86 billion.
For the third quarter, Roblox expects bookings between $1.58 billion and $1.65 billion, with a midpoint of $1.615 billion, well below the analyst consensus of $1.87 billion. The company forecast revenue of $1.41 billion to $1.49 billion, with the midpoint largely in line with market expectations.
Roblox said the weaker bookings outlook reflects declining monetization per hour, particularly among younger users in the U.S. and Canada. The company attributed the trend to players spending more time in newer and evergreen games that generate lower revenue per hour, as well as recent changes to its "Recommended for You" algorithm, which now prioritizes long-term user retention over short-term monetization.
Despite the softer outlook, Roblox highlighted strong cash generation during the quarter. Free cash flow increased 66% year over year to $294 million, comfortably exceeding analyst estimates of $223.9 million. Operating cash flow rose 60% to $318 million, while average monthly unique payers grew 15% to 27 million.
The company also announced it will discontinue annual guidance and move to providing only quarterly forecasts going forward.
Analysts expressed concern over the latest outlook. Wolfe Research analyst Shweta Khajuria said repeated guidance resets without a clear roadmap for recovery have raised questions about management's credibility, adding further pressure to Roblox stock following the earnings release.
