The company said bookings in the first quarter hit $652.3 million, better than the $573 million forecast compiled by FactSet. Bookings are a non-GAAP measure equivalent to the amount of virtual currency purchased by users in a given period, according to the company's release.
Average Daily Active Users (DAUs) during the quarter were 42.1 million, an increase of 79% year-over-year.
Roblox operates a popular online video game environment that has benefited from the surge in online activity during pandemic lockdowns. It derives much of its revenue from in-game purchases of a virtual currency that can be used to buy enhanced game experiences in its virtual worlds.
"The opportunity of what we’re building at Roblox is massive, and we will continue to make long-term investments," said David Baszucki, Roblox CEO, in a statement.
Roblox reported a net loss of $134.2 million for the quarter or 46 cents a share.
Roblox had been expected to post earnings of 8 cents a share, based on a FactSet survey of 7 analysts.
Roblox shares have traded in a range of $60.50 to $83.41 since they began trading two months ago.
Analysts at JPMorgan initiated coverage of the company last week with an overweight rating and an $85 a share target price.
The JPMorgan analysts noted several additional lines of revenue that could open up for the company, notably advertising. Roblox users spend an average of more than two hours a day online and two-thirds of them are under the age of 17, the analysts said.
Several other analysts released positive notes on Roblox in early April, noting in particular that its platform blurs the distinctions between social networking and gaming.
Shares of Roblox rose $2.75, or 4.3%, to $66.75 in after-hours trading. The stock fell 5.7% in the regular session ahead of the report.