Roblox Corp (RBLX) shares are rising in extended trading Tuesday after the company announced a new share repurchase program.
Roblox Stock Gets a Boost After Announcing Its First-Ever Buyback Program
MarketDash
Roblox Corp (RBLX) shares are climbing in after-hours trading Tuesday after the company unveiled a $3 billion share repurchase plan, its first ever.
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Roblox's Inaugural Buyback Program
After the market close on Tuesday, Roblox announced its board authorized the repurchase of up to $3 billion of the company's common stock.
The new buyback authorization does not have a fixed expiration date. Roblox noted that it currently intends to repurchase up to $1 billion of its common stock over the next year.
“Today's authorization of Roblox's first-ever share repurchase program is a testament to our confidence in the long-term opportunity ahead,” said Naveen Chopra, CFO of Roblox.
“Investing in continued growth will always be our highest priority, but the strength of our balance sheet and free cash flow generation allows us to support industry-leading innovation while simultaneously reducing dilution.”
Roblox had $6.2 billion of total cash, cash equivalents and investments as of March 31. The company's cash position has grown by $1.7 billion over the past year.
RBLX Shares Rally
RBLX Price Action: Roblox shares were up 4.11% in after-hours Tuesday, trading at $46.27 at the time of publication.
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