Roblox reported first-quarter results after Thursday's closing bell that actually beat expectations on both the top and bottom lines. But the market isn't in a celebrating mood — the stock tanked over 20% in extended trading. Why? The company's full-year revenue outlook came in well below analyst estimates.

Let's dig into the numbers.

Q1: The Good Stuff

Roblox posted a quarterly loss of $0.35 per share, better than the $0.39 loss analysts had penciled in. Revenue hit $1.73 billion, just above the $1.72 billion consensus.

The platform's growth metrics were impressive. Average daily active users (DAUs) jumped 35% year-over-year to 132 million, up nearly 34 million from a year ago. Hours engaged soared 43% to 31 billion. Average monthly unique payers (MUPs) rose 52% to 31 million. Bookings grew 43% to $1.7 billion.

CEO David Baszucki called it "another strong quarter of growth," adding that the company is "continuing to make great strides on the key growth levers that power our vision of building a human co-experience platform."

The Outlook That Spoiled It All

Here's where the story turns. Roblox lowered its fiscal 2026 revenue outlook to a range of $7.33 billion to $7.6 billion. That's well below the $8.13 billion analysts were expecting. For a growth stock like Roblox, a guidance miss of that magnitude is a tough pill to swallow.

Investors voted with their feet — or rather, their sell orders. In Thursday's extended trading, Roblox shares dropped 20.58% to $43.89, according to market data.

The message is clear: even a beat on the quarter can't save you if the future looks less bright.