12:39 PM EDT, 08/01/2024 (MT Newswires) -- Roblox ( RBLX ) reported "very strong" Q2 results, but Chief Financial Officer Michael Guthrie's planned departure and certain investors' high bookings expectations dragged down the stock, Wedbush Securities said in a note Thursday.

Analysts, including Nick McKay, said there were "unreasonably high" expectations for Q2 bookings, with some investors hoping for over $975 million. To meet that, growth would have needed to be around 30% in the last 11 weeks of the quarter, they said.

Roblox ( RBLX ) reported Q2 bookings of $955 million, a 22% increase year-over year which was well above the 11% to 15% growth guidance, according to the note.

For Q3, bookings growth is expected to be 19% to 22%, and for Q4, 15% to 18%, influenced by planned caution and tough comparisons due to last year's PlayStation launch. Given the Q2 growth rate, these targets seem "achievable and potentially beatable," the analysts said in the note.

Roblox ( RBLX ) also saw significant increases in Daily Active Users, or DAUs, during the quarter.

DAUs were 79.5 million, higher than Wedbush's estimate of 75.6 million and up from 65.5 million a year ago. North American DAUs grew at their fastest rate since Q1 2021. Hours Engaged were 17.4 billion, exceeding Wedbush's estimate of 16 billion and up from 14 billion a year ago, the analysts said.

Wedbush Securities said its outperform rating and $46 price target for Roblox ( RBLX ) remain under review.

Shares of the company were about 5.7% down in recent trading activity.

Price: 39.17, Change: -2.35, Percent Change: -5.66