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Roblox, a Silicon Valley-based social gaming platform for tweens and teens, filed an initial billion dollar public offering on Thursday.
Why is this important: Roblox was a big business before the pandemic, but really exploded once the kids were stuck at home due to the coronavirus outbreak.
Financial details: Roblox is reporting $ 206 million in losses on $ 589 million in revenue for the first nine months of 2020, compared to $ 46 million in losses on $ 350 million for the same period in 2019.
- Free cash flow was $ 292.6 million for the nine-month period in 2020, compared to just $ 6 million for the period 2019 and $ 49.5 million for all of 2018 and 2019 combined.
Use: The company reports 31.1 million daily active users and 22.2 billion committed hours in the first three quarters of 2020.
Investors: The company has raised $ 335 million since its founding in 2004, most recently last February at a value of $ 4 billion.
- Funders include Altos Ventures, First Round Capital, Meritech Capital Partners, Andreessen Horowitz and Index Ventures.
Listing Details: Roblox plans to list on the New York Stock Exchange under the symbol RBLX, with Goldman Sachs and Morgan Stanley as primary underwriters.
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