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U.S. gaming platform Roblox sees revenue doubling in first quarter

(This March 2 story corrects to clarify the CFO comment on revenue expectations referred to China in the fifth paragraph)

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(This March 2 story corrects to clarify the CFO comment on revenue expectations referred to China in the fifth paragraph)

(Reuters) – Roblox Corp expects its revenue to double in the first quarter of 2021, the company said on Tuesday, ahead of a high-profile market debut later this month.

The company sees first-quarter revenue to be in a range of $320 million through $335 million. That would represent growth of 98% to 107% compared with the same period a year earlier.

San Mateo, California-based Roblox is among the world’s most-popular gaming sites and offers a host of titles across mobile devices and games consoles.

The COVID-19 pandemic has led to a surge in demand for video games as people staying at home look for entertainment.

However, on its investor day last week, Chief Financial Officer Mike Guthrie said the company had “pretty low expectations” on revenue in China over the next few years, as it plans to invest heavily to attract users.

Roblox also said it expects daily active users of 37.6 million to 39.6 million in the first quarter, up 59% to 68% from a year earlier.

The gaming platform is going public through a direct listing, eschewing a traditional initial public offering. In a direct listing, no shares are sold in advance. The company’s share price in its market debut is determined by orders coming into the stock exchange. Advocates argue it is a better to way to price new stock than an IPO.

Roblox will join a list of high-profile companies like Palantir Technologies Inc and Spotify Technology SA which also pursued the direct listing route to public markets.

For the full year ending Dec. 31, 2021, the company sees revenue between $1.44 billion and $1.52 billion.

In January, Reuters reported the company had postponed plans to go public because of the U.S. Securities and Exchange Commission’s scrutiny of how it recognizes revenue in its finances.

Reporting by Niket Nishant in Bengaluru; Editing by Uttaresh.V and Christopher Cushing

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Source: https://www.reuters.com/article/us-roblox-ipo/u-s-gaming-platform-roblox-sees-revenue-doubling-in-first-quarter-idUSKCN2AU2U0?il=0

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Reuters

Disneyland Paris to re-open on June 17

Disneyland Paris (DIS.N) said on Monday that it would re-open on June 17, as French bars, restaurants and tourism sites gradually resume their operations after having been shut due to COVID-19 sanitary restrictions.

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The logo of Disneyland Paris is seen in Marne-la-Vallee, near Paris, as the theme park prepares to reopen its doors to the public following the coronavirus disease (COVID-19) outbreak in France, July 9, 2020. REUTERS/Charles Platiau

Disneyland Paris (DIS.N) said on Monday that it would re-open on June 17, as French bars, restaurants and tourism sites gradually resume their operations after having been shut due to COVID-19 sanitary restrictions.

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/lifestyle/disneyland-paris-re-open-june-17-2021-05-17/

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Reuters

Chip shortage to hit about 100,000 Mazda vehicles in 2021

Mazda Motor Corp (7261.T) said on Friday it expects a semiconductor crunch to affect around 100,000 of the Japanese automaker’s vehicles globally during the fiscal year.

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The logo of Mazda is pictured at the LA Auto Show in Los Angeles, California, U.S., November 20, 2019. REUTERS/Andrew Cullen

Mazda Motor Corp (7261.T) said on Friday it expects a semiconductor crunch to affect around 100,000 of the Japanese automaker’s vehicles globally during the fiscal year.

However, Mazda will fully leverage available inventory to minimize the hit to about 70,000 wholesale units, it said in a statement.

The worldwide shift to remote work and learning during the pandemic had boosted demand for laptops and other gadgets, exacerbating a global chip shortage.

The shortfall will cost automakers $110 billion in lost revenues this year, up from a prior estimate of $61 billion, consulting firm AlixPartners said, forecasting the crisis will hit the production of 3.9 million vehicles. read more

Automobiles depend on chips for everything from computer management of engines for better fuel economy to driver-assistance features such as emergency braking.

Our Standards: The Thomson Reuters Trust Principles.

The worldwide shift to remote work and learning during the pandemic had boosted demand for laptops and other gadgets, exacerbating a global chip shortage.

Source: https://www.reuters.com/business/autos-transportation/chip-shortage-hit-about-100000-mazda-vehicles-2021-2021-05-14/

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Reuters

England to ease COVID restrictions further on May 17

England will press ahead with plans to ease COVID-19 restrictions further on May 17, including allowing people to meet indoors, thanks to favourable data on infections and vaccines, the government said on Sunday.

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Visitors to Greenwich Park sit and look towards Canary Wharf financial district as lockdown restrictions are eased amidst the spread of the coronavirus disease (COVID-19) pandemic in London, Britain, April 25, 2021. REUTERS/Peter Nicholls

England will press ahead with plans to ease COVID-19 restrictions further on May 17, including allowing people to meet indoors, thanks to favourable data on infections and vaccines, the government said on Sunday.

The country is in the process of gradually lifting its latest lockdown over a period of months, in line with a four-step plan unveiled in February.

Under Step 3 of the plan, as outlined when it was first announced, people will be allowed to meet up indoors for the first time in months, in groups of up to six people or two full households together.

Pubs, cafes and restaurants will be able to host customers indoors, also for the first time in months and subject to certain rules. Other indoor entertainment, hospitality and sports venues will also be able to resume activity.

Johnson’s Downing Street office said the latest data on COVID vaccinations, on infections, hospitalisations and deaths, and on the risk posed by new variants had been taken into account in deciding to move forward with Step 3.

“The data reflects what we already knew – we are not going to let this virus beat us,” Johnson said, according to a Downing Street statement.

“The roadmap remains on track, our successful vaccination programme continues – more than two thirds of adults in the UK have now had the first vaccine – and we can now look forward to unlocking cautiously but irreversibly.”

Johnson was due to provide further details at a news conference on Monday.

Semi-autonomous administrations in Scotland, Wales and Northern Ireland have their own separate timetables for easing COVID restrictions.

The United Kingdom has lost more than 127,000 people to COVID-19. It experienced a devastating second wave that peaked in late January, but since then the numbers of new cases and deaths have plummeted. read more

On Sunday, a total of 1,770 new cases and two new deaths were recorded across the United Kingdom. That contrasts with the situation during the second wave, when the daily number of new cases peaked at over 80,000 while the daily death toll was above 1,300 on the worst day.

There are also expected to be significant changes for the arts and events sectors under Step 3, with both indoor and outdoor venues allowed to host far greater numbers of people than for many months.

The government had already confirmed last week that international travel would be allowed to resume on May 17, although still with severe restrictions in place except for a handful of countries. read more

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/world/uk/england-ease-covid-restrictions-further-may-17-2021-05-09/

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