On Monday, Oppenheimer maintained a Perform rating on Roblox Corporation (NYSE:RBLX) following a tepid response to the company's latest event, "The Hunt." Over the first weekend since the event's launch, user engagement figures reported by RoMonitor did not meet expectations. The peak concurrent user count on Sunday reached 9.03 million at 1pm ET, a marginal 3.6% increase from the previous week.
Additionally, the average concurrent users on Saturday and Sunday saw only a 4% increase and no change, respectively, compared to the averages for the first quarter of 2024.
The analyst from Oppenheimer expressed concerns over the event's performance, stating that the observed trends do not suggest significant near-term growth in user engagement or monetization stemming from The Hunt. The lack of a notable uptick in user activity during the event's debut weekend has led to reduced confidence in Roblox's strategy to enhance event features on its platform.
The Hunt's production value and the perceived benefits of its paid progression track were also found to be unsatisfactory. These elements were expected to contribute to the event's appeal and success, yet they did not live up to the anticipated standards.
Roblox Corporation, known for its online platform that allows users to create and interact with immersive 3D worlds, has been focusing on events like The Hunt to drive user engagement and revenue. However, the initial response to this latest event suggests that the company may need to reassess its approach to such special features and their implementation.
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