Roblox surges to record after Hasbro unveils Nerf partnership
Reuters
Published Apr 13, 2021 12:43
By Noel Randewich
(Reuters) - Shares of Roblox Corp surged to a record high on Tuesday after Hasbro Inc (NASDAQ:HAS) announced it would sell Nerf blasters inspired by the videogame platform.
Roblox, which is among the world's most popular gaming sites for children and offers a host of games across mobile devices and gaming consoles, saw its stock jump nearly 9% to a record high of $81.69 a share on the New York Stock Exchange. It was last up 7%.
The San Mateo, California, company's shares have now climbed 80% since its Wall Street debut on March 10. Roblox's $44 billion market capitalization dwarfs Hasbro's $14 billion value, while its annual sales are about a fifth of the century-old company's.
Hasbro said its Nerf blasters, which fire projectiles made of plastic foam, would be available in U.S. stores in the fall, each with a code entitling the customer to a "virtual blaster" for their online Roblox avatar.
Hasbro, which also said it created a Roblox version of its Monopoly game, saw its stock increase by 1.2% to $98.23 a share on the Nasdaq.
Usage and spending on Roblox has surged as kids stuck at home in the COVID-19 pandemic spent more time on the platform, fueling an 85% year-on-year jump in daily active users in 2020 and a surge in monthly in-app sales.
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Written By: Reuters
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