<p>這是我們對 <strong>Roblox</strong>（RBLX 5.92%）2025 財年第二季度財務報告的初步看法。</p>
<h2>關鍵指標</h2>
<table>
<thead>
<tr>
<th>指標</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>變化</th>
<th>與預期對比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>8.935 億美元</td>
<td>10.8 億美元</td>
<td>+21%</td>
<td>未達預期</td>
</tr>
<tr>
<td>調整後每股收益</td>
<td>（$0.32）</td>
<td>（$0.41）</td>
<td>不適用</td>
<td>未達預期</td>
</tr>
<tr>
<td>預訂</td>
<td>9.552 億美元</td>
<td>14.4 億美元</td>
<td>+51%</td>
<td>不適用</td>
</tr>
<tr>
<td>每日活躍用户（DAUs）</td>
<td>7950 萬</td>
<td>1.118 億</td>
<td>+41%</td>
<td>不適用</td>
</tr>
</tbody>
</table>
<h2>病毒式體驗推動 Roblox 發展</h2>
<p>乍一看，一些人可能對 Roblox 的第二季度財務結果感到失望。同比 21% 的收入增長低於許多人所希望看到的水平，而略高於預期的虧損也可能對投資者情緒產生負面影響。</p>
<p>然而，Roblox 的股東們則主要關注用户參與度的指標。預訂同比增長超過一半，月度獨立付款用户數量上升了 42%。每位每日活躍用户的預訂增長了 7%，進一步增強了每日活躍用户平均增長 41% 的積極影響。參與時長飆升 58%，達到 274 億小時，進一步顯示了 Roblox 平台的受歡迎程度。</p>
<p>創始人兼首席執行官 David Baszucki 指出，Roblox 在使其平台更有效運作方面進行了戰略投資。Roblox 的虛擬經濟正在蓬勃發展，平台上的創作者們也在蓬勃發展。一位青少年因創建了一款名為 “Grow a Garden” 的遊戲而聲名鵲起，該遊戲允許用户種植虛擬花園，並且該遊戲打破了同時參與玩家人數的記錄。在經歷了漫長的等待後，Roblox 的投資者現在終於看到了他們希望的參與度上升。</p>
<h2>市場即時反應</h2>
<p>股東們對遊戲平台的表現感到欣喜，Roblox 的股票在季度報告發布後的前半小時內上漲了 20%。這一舉動部分是因為 Roblox 管理層提高了對 2025 年剩餘時間的預期。</p>
<p>該股票現在交易於歷史最高點，終於超過了 2021 年底的峯值。自四月以來幾乎上漲了三倍，Roblox 的股票正經歷巨大的動能，股票繼續上漲的可能性完全存在。</p>
<h2>關注事項</h2>
<p>明確來説，投資者不應期待 Roblox 的成功很快轉化為盈利。該公司新的 2025 年指導預計全年虧損在 12 億到 12.6 億美元之間。然而，新的預訂預測在 58.7 億到 59.7 億美元之間，明顯高於之前的指導（52.85 億到 53.6 億美元）。隨着自由現金流預計將超過 10 億美元，Roblox 應該有足夠的資本繼續追隨其戰略願景以促進進一步增長。</p>
<h2>有用資源</h2>
<ul>
<li>完整的財報</li>
<li>投資者關係頁面</li>
</ul>

羅布樂思

<p>羅布樂思 2025 年第二季度財報顯示，收入為 10.8 億美元，同比增長 21%，但虧損幅度超出預期。預訂金額激增 51%，達到 14.4 億美元，日活躍用户增加 41%，達到 1.118 億。儘管預計 2025 年的虧損在 12 億到 12.6 億美元之間，但新的預訂指引顯著提高。受強勁的用户參與度和戰略投資的推動，股價在盤前交易中上漲 20%，創下歷史新高。儘管持續虧損，投資者對未來增長仍持樂觀態度</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>這是我們對 <strong>Roblox</strong>（RBLX 5.92%）2025 財年第二季度財務報告的初步看法。</p>
</div><h2>Key Metrics</h2>
<div class="lb-trans"><h2>關鍵指標</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>指標</th>
<th>2024 年第二季度</th>
<th>2025 年第二季度</th>
<th>變化</th>
<th>與預期對比</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>8.935 億美元</td>
<td>10.8 億美元</td>
<td>+21%</td>
<td>未達預期</td>
</tr>
<tr>
<td>調整後每股收益</td>
<td>（$0.32）</td>
<td>（$0.41）</td>
<td>不適用</td>
<td>未達預期</td>
</tr>
<tr>
<td>預訂</td>
<td>9.552 億美元</td>
<td>14.4 億美元</td>
<td>+51%</td>
<td>不適用</td>
</tr>
<tr>
<td>每日活躍用户（DAUs）</td>
<td>7950 萬</td>
<td>1.118 億</td>
<td>+41%</td>
<td>不適用</td>
</tr>
</tbody>
</table>
</div><h2>Viral Experiences Lift Roblox</h2>
<div class="lb-trans"><h2>病毒式體驗推動 Roblox 發展</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，一些人可能對 Roblox 的第二季度財務結果感到失望。同比 21% 的收入增長低於許多人所希望看到的水平，而略高於預期的虧損也可能對投資者情緒產生負面影響。</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 的股東們則主要關注用户參與度的指標。預訂同比增長超過一半，月度獨立付款用户數量上升了 42%。每位每日活躍用户的預訂增長了 7%，進一步增強了每日活躍用户平均增長 41% 的積極影響。參與時長飆升 58%，達到 274 億小時，進一步顯示了 Roblox 平台的受歡迎程度。</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>創始人兼首席執行官 David Baszucki 指出，Roblox 在使其平台更有效運作方面進行了戰略投資。Roblox 的虛擬經濟正在蓬勃發展，平台上的創作者們也在蓬勃發展。一位青少年因創建了一款名為 “Grow a Garden” 的遊戲而聲名鵲起，該遊戲允許用户種植虛擬花園，並且該遊戲打破了同時參與玩家人數的記錄。在經歷了漫長的等待後，Roblox 的投資者現在終於看到了他們希望的參與度上升。</p>
</div><h2>Immediate Market Reaction</h2>
<div class="lb-trans"><h2>市場即時反應</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>股東們對遊戲平台的表現感到欣喜，Roblox 的股票在季度報告發布後的前半小時內上漲了 20%。這一舉動部分是因為 Roblox 管理層提高了對 2025 年剩餘時間的預期。</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>該股票現在交易於歷史最高點，終於超過了 2021 年底的峯值。自四月以來幾乎上漲了三倍，Roblox 的股票正經歷巨大的動能，股票繼續上漲的可能性完全存在。</p>
</div><h2>What to Watch</h2>
<div class="lb-trans"><h2>關注事項</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>明確來説，投資者不應期待 Roblox 的成功很快轉化為盈利。該公司新的 2025 年指導預計全年虧損在 12 億到 12.6 億美元之間。然而，新的預訂預測在 58.7 億到 59.7 億美元之間，明顯高於之前的指導（52.85 億到 53.6 億美元）。隨着自由現金流預計將超過 10 億美元，Roblox 應該有足夠的資本繼續追隨其戰略願景以促進進一步增長。</p>
</div><h2>Helpful Resources</h2>
<div class="lb-trans"><h2>有用資源</h2>
</div><ul>
<li>Full earnings report</li>
<li>Investor relations page</li>
</ul>
<div class="lb-trans"><ul>
<li>完整的財報</li>
<li>投資者關係頁面</li>
</ul>
</div>

“種植花園” 讓羅布樂思蓬勃發展