<p>这是我们对 <strong>Roblox</strong>（RBLX 5.92%）2025 财年第二季度财务报告的初步看法。</p>
<h2>关键指标</h2>
<table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>8.935 亿美元</td>
<td>10.8 亿美元</td>
<td>+21%</td>
<td>未达预期</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>（$0.32）</td>
<td>（$0.41）</td>
<td>不适用</td>
<td>未达预期</td>
</tr>
<tr>
<td>预订</td>
<td>9.552 亿美元</td>
<td>14.4 亿美元</td>
<td>+51%</td>
<td>不适用</td>
</tr>
<tr>
<td>每日活跃用户（DAUs）</td>
<td>7950 万</td>
<td>1.118 亿</td>
<td>+41%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
<h2>病毒式体验推动 Roblox 发展</h2>
<p>乍一看，一些人可能对 Roblox 的第二季度财务结果感到失望。同比 21% 的收入增长低于许多人所希望看到的水平，而略高于预期的亏损也可能对投资者情绪产生负面影响。</p>
<p>然而，Roblox 的股东们则主要关注用户参与度的指标。预订同比增长超过一半，月度独立付款用户数量上升了 42%。每位每日活跃用户的预订增长了 7%，进一步增强了每日活跃用户平均增长 41% 的积极影响。参与时长飙升 58%，达到 274 亿小时，进一步显示了 Roblox 平台的受欢迎程度。</p>
<p>创始人兼首席执行官 David Baszucki 指出，Roblox 在使其平台更有效运作方面进行了战略投资。Roblox 的虚拟经济正在蓬勃发展，平台上的创作者们也在蓬勃发展。一位青少年因创建了一款名为 “Grow a Garden” 的游戏而声名鹊起，该游戏允许用户种植虚拟花园，并且该游戏打破了同时参与玩家人数的记录。在经历了漫长的等待后，Roblox 的投资者现在终于看到了他们希望的参与度上升。</p>
<h2>市场即时反应</h2>
<p>股东们对游戏平台的表现感到欣喜，Roblox 的股票在季度报告发布后的前半小时内上涨了 20%。这一举动部分是因为 Roblox 管理层提高了对 2025 年剩余时间的预期。</p>
<p>该股票现在交易于历史最高点，终于超过了 2021 年底的峰值。自四月以来几乎上涨了三倍，Roblox 的股票正经历巨大的动能，股票继续上涨的可能性完全存在。</p>
<h2>关注事项</h2>
<p>明确来说，投资者不应期待 Roblox 的成功很快转化为盈利。该公司新的 2025 年指导预计全年亏损在 12 亿到 12.6 亿美元之间。然而，新的预订预测在 58.7 亿到 59.7 亿美元之间，明显高于之前的指导（52.85 亿到 53.6 亿美元）。随着自由现金流预计将超过 10 亿美元，Roblox 应该有足够的资本继续追随其战略愿景以促进进一步增长。</p>
<h2>有用资源</h2>
<ul>
<li>完整的财报</li>
<li>投资者关系页面</li>
</ul>

罗布乐思

<p>罗布乐思 2025 年第二季度财报显示，收入为 10.8 亿美元，同比增长 21%，但亏损幅度超出预期。预订金额激增 51%，达到 14.4 亿美元，日活跃用户增加 41%，达到 1.118 亿。尽管预计 2025 年的亏损在 12 亿到 12.6 亿美元之间，但新的预订指引显著提高。受强劲的用户参与度和战略投资的推动，股价在盘前交易中上涨 20%，创下历史新高。尽管持续亏损，投资者对未来增长仍持乐观态度</p>

<p>Here's our initial take on <strong>Roblox</strong>'s (RBLX 5.92%) fiscal 2025 second-quarter financial report.</p>
<div class="lb-trans"><p>这是我们对 <strong>Roblox</strong>（RBLX 5.92%）2025 财年第二季度财务报告的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>关键指标</h2>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2024</th>
<th>Q2 2025</th>
<th>Change</th>
<th>vs. Expectations</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>$893.5 million</td>
<td>$1.08 billion</td>
<td>+21%</td>
<td>Missed</td>
</tr>
<tr>
<td>Adjusted earnings per share</td>
<td>($0.32)</td>
<td>($0.41)</td>
<td>N/A</td>
<td>Missed</td>
</tr>
<tr>
<td>Bookings</td>
<td>$955.2 million</td>
<td>$1.44 billion</td>
<td>+51%</td>
<td>n/a</td>
</tr>
<tr>
<td>Daily active users (DAUs)</td>
<td>79.5 million</td>
<td>111.8 million</td>
<td>+41%</td>
<td>n/a</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>变化</th>
<th>与预期对比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>8.935 亿美元</td>
<td>10.8 亿美元</td>
<td>+21%</td>
<td>未达预期</td>
</tr>
<tr>
<td>调整后每股收益</td>
<td>（$0.32）</td>
<td>（$0.41）</td>
<td>不适用</td>
<td>未达预期</td>
</tr>
<tr>
<td>预订</td>
<td>9.552 亿美元</td>
<td>14.4 亿美元</td>
<td>+51%</td>
<td>不适用</td>
</tr>
<tr>
<td>每日活跃用户（DAUs）</td>
<td>7950 万</td>
<td>1.118 亿</td>
<td>+41%</td>
<td>不适用</td>
</tr>
</tbody>
</table>
</div><h2>Viral Experiences Lift Roblox</h2>
<div class="lb-trans"><h2>病毒式体验推动 Roblox 发展</h2>
</div><p>At first glance, some might have been disappointed with Roblox's second-quarter financial results. Revenue growth of 21% year over year was below what many had hoped to see, and a slightly wider loss than expected could also have proven to be a downer for investor sentiment.</p>
<div class="lb-trans"><p>乍一看，一些人可能对 Roblox 的第二季度财务结果感到失望。同比 21% 的收入增长低于许多人所希望看到的水平，而略高于预期的亏损也可能对投资者情绪产生负面影响。</p>
</div><p>However, Roblox shareholders instead largely concentrated on measures of user engagement. Bookings soared by more than half year over year, as the number of monthly unique payers climbed 42%. Bookings per daily active user were up 7%, adding to the positive impact of a 41% jump in average daily active users. Hours of engagement skyrocketed 58% to 27.4 billion, further showing the popularity of Roblox's platform.</p>
<div class="lb-trans"><p>然而，Roblox 的股东们则主要关注用户参与度的指标。预订同比增长超过一半，月度独立付款用户数量上升了 42%。每位每日活跃用户的预订增长了 7%，进一步增强了每日活跃用户平均增长 41% 的积极影响。参与时长飙升 58%，达到 274 亿小时，进一步显示了 Roblox 平台的受欢迎程度。</p>
</div><p>Founder/CEO David Baszucki pointed to the strategic investments that Roblox has made to make its platform work more effectively. The rise of Roblox's virtual economy has taken hold, and creators on the platform are thriving. One teen has gained notoriety by creating a game called &#34;Grow a Garden&#34; that allows users to grow a virtual garden, and that game has broken records for having the most players engaged at the same time. After having had to wait a long time for the full promise of the metaverse to take hold, Roblox investors are now seeing the rise in engagement that they've hoped would come.</p>
<div class="lb-trans"><p>创始人兼首席执行官 David Baszucki 指出，Roblox 在使其平台更有效运作方面进行了战略投资。Roblox 的虚拟经济正在蓬勃发展，平台上的创作者们也在蓬勃发展。一位青少年因创建了一款名为 “Grow a Garden” 的游戏而声名鹊起，该游戏允许用户种植虚拟花园，并且该游戏打破了同时参与玩家人数的记录。在经历了漫长的等待后，Roblox 的投资者现在终于看到了他们希望的参与度上升。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>市场即时反应</h2>
</div><p>Shareholders were ecstatic about the game platform's performance, and Roblox shares jumped 20% in premarket trading in the first half-hour after the release of its quarterly report. The move came in part as Roblox management boosted its expectations for the remainder of 2025.</p>
<div class="lb-trans"><p>股东们对游戏平台的表现感到欣喜，Roblox 的股票在季度报告发布后的前半小时内上涨了 20%。这一举动部分是因为 Roblox 管理层提高了对 2025 年剩余时间的预期。</p>
</div><p>The stock now trades at all-time highs, finally surpassing its previous late-2021 peak. Having almost tripled just since April, Roblox shares are seeing huge momentum, and it's entirely possible that the stock could continue to climb.</p>
<div class="lb-trans"><p>该股票现在交易于历史最高点，终于超过了 2021 年底的峰值。自四月以来几乎上涨了三倍，Roblox 的股票正经历巨大的动能，股票继续上涨的可能性完全存在。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>关注事项</h2>
</div><p>To be clear, investors shouldn't expect Roblox's success to translate to profitability anytime soon. The company's new 2025 guidance calls for losses of between $1.20 billion and $1.26 billion for the year. However, new bookings projections of between $5.87 billion and $5.97 billion are quite a bit higher than previous guidance for between $5.285 billion and $5.36 billion. And with free cash flow now likely to top the $1 billion mark, Roblox should have plenty of capital to keep following its strategic vision to foster further growth.</p>
<div class="lb-trans"><p>明确来说，投资者不应期待 Roblox 的成功很快转化为盈利。该公司新的 2025 年指导预计全年亏损在 12 亿到 12.6 亿美元之间。然而，新的预订预测在 58.7 亿到 59.7 亿美元之间，明显高于之前的指导（52.85 亿到 53.6 亿美元）。随着自由现金流预计将超过 10 亿美元，Roblox 应该有足够的资本继续追随其战略愿景以促进进一步增长。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用资源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整的财报</li>
<li>投资者关系页面</li>
</ul>
</div>

“种植花园” 让罗布乐思蓬勃发展