10:28 AM EDT, 05/09/2024 (MT Newswires) -- Roblox ( RBLX ) shares tumbled intraday Thursday after the video game platform lowered its full-year bookings outlook, as the metric missed analysts' expectations in the first quarter.

Bookings, a non-GAAP measure defined as revenue plus the change in deferred revenue and other adjustments, are now set to come in between $4 billion and $4.1 billion for the 2024 financial year. The company previously guided for bookings of between $4.14 billion and $4.28 billion, while the current consensus on Visible Alpha is for $4.22 billion.

"For the full year, we are basically matching the bookings growth rate we expect to achieve in (the first half of) 2024, with an adjustment down to account for a strong (2023 fourth quarter) that included the PlayStation launch which we will lap this year," Roblox ( RBLX ) said in a shareholder letter. The stock plummeted 23% in Thursday's trading session.

For the ongoing quarter, the company anticipates bookings to be in a range of $870 million to $900 million, compared with projections on Visible Alpha for $939.1 million. The outlook assumes "slower growth in the first half of April" as the firm lapped comparisons with last year's Easter holiday, a period of high engagement on the platform.

Roblox ( RBLX ) recorded a net loss of $0.43 a share for the three months through March, narrowing from a $0.44 loss the year before. The consensus estimate on Capital IQ was a per-share loss of $0.53. Revenue climbed 22% to $801.3 million, while bookings advanced 19% to $923.8 million. The latter missed the Visible Alpha forecast of $928.6 million.

Average daily active users, or DAUs, grew 17% on a yearly basis to 77.7 million, and hours engaged increased 15%. Both metrics' growth remained robust among users aged 13 years and older, the company said in the letter.

Total costs and expenses rose to $1.1 billion from $945.2 million in the prior-year quarter.

"Over the past three quarters we have reduced certain infrastructure and trust and safety expenditures, and we have reduced the growth rate of personnel costs (excluding stock-based compensation expense) by holding headcount flat," Chief Financial Officer Michael Guthrie said in a statement. "Capital expenditures are down nearly 50% in (the first quarter of 2024) compared to last year."

Price: 30.09, Change: -8.95, Percent Change: -22.92