Another factor working against the company is that Roblox is perceived as a "COVID stock", meaning that the company has benefited from the pandemic pulling growth forward. Unfortunately, many people in the market have been hit with a huge dose of reality that the metaverse is still fairly far off and that we are currently living in a world of broken supply chains, high inflation, rising interest rates and an emerging war in Europe, all of which sapped enthusiasm for high growth stocks like Roblox. Traders rapidly drove the stock to higher valuations based upon the hype of the metaverse and because of quarterly revenue growth accelerating into triple digit year-over-year returns over the course of 2020. The pandemic provided strong tailwinds for Roblox to rapidly grow key metrics like DAUs, hours engaged, and average bookings per DAU, as well as revenue growth. As a company with its roots in gaming, Roblox ( NYSE: RBLX) benefited greatly from the pandemic forcing people towards more indoor activities.
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