Roblox Has A Solid Q2 As CFO Michael Guthrie Announces They Will Be Stepping Down

Roblox has had a bit of a difficult time over the last year or so when it comes to finances. Don't get me wrong, the game creation platform has massive player numbers and pulls in a ton of revenue. However, due to investments, restructuring, and failing to meet Wall Street expectations, the company has been piling up some net losses lately. Negative reports on the handling of the safety of minors certainly hasn't helped things.

The second quarter of 2024 may mark a bit of a turning point on that front though as the company is up across the board on almost all key financial metrics. While Q2 did have $207 million in consolidated net losses, this is lower than the net losses in 2023's second quarter which totaled $284 million.

Revenue for Q2 was up 31% year-over-year (YoY) hitting $893.5 million and average daily users hit 79.5 million, an increase YoY of 21%. Average spending for each daily active user was relatively flat with users spending $12.01, only a 1% increase over Q2 2023.

On the heels of the release of the financial report, Roblox's stock actually started to take a dive. The hit was largely due to an announcement outside of the financial report, though. Chief Financial Officer Michael Guthrie has announced that he will step down as the company's CFO. Guthrie has been with Roblox since 2018 and was instrumental in the company becoming listed on the stock market back in 2021.

Guthrie will remain in his position until a replacement is named and his decision comes as a result of wanting to spend more time on "personal interests."