Roblox reports 1B$ loss, CEO says
This is a satirical website. Don't take it Seriously. It's a joke.
2059 23182 Shares
By Mary evergreen
After reporting hundreds of millions of dollars of losses, The game company is reporting a record-high loss of 1 billion dollars, setting a new record for Roblox; but it isn't one to be celebrated as an accomplishment.
The first sighs
After being sold by Microsoft in 2018 for a whopping 6.3 Million dollars to then medical company giant Call9, The game giant undertook a huge budget cut- around 4.8 million dollars. this led to the abrupt cancelation of the Bloxfest, a 5 day festival all about Roblox, which was first coined by then CEO of Roblox Mark Green, along with many other events and actions, much to the disgrace of their player base. After Call9's collapse in 2019, the Giant was looking for a new home, but to no avail. The tech giant was slowly collapsing.
Financial distress
Roblox's first loss was in the 4th quarter of 2019 when they reported a 41.3 million dollar loss. At the news, many shareholders pulled out, causing the company shares to fall from 21.89$ a share to 15.32$ a share, the single largest drop in share price since modern recording began. after that, Roblox canceled many of its crucial updates, like updating its spam filter, or restoring its clothes section. After this decision, Roblox shares fell again from 13.23$ a share to 5.43$ a share, beating its own record.
Now
It is unclear what will happen next, though some ex-executives believe it may file for chapter 11 bankruptcy, and begin to liquidate its assets slowly. Analyst Joe meng predicts Roblox will be gone by 2024. He says it would take "a miracle" for Roblox to make it past the date. roblox has declined to give a statment.
This is a satirical website. Don't take it Seriously. It's a joke.