The SEC wants Roblox to be more specific and recognise revenue on consumable products as they are consumed, while the durable services will still be recognised over the life of the Roblox user, the memo said. Roblox had looked to treat all the revenue the same and gradually write it off over the duration of its paying user accounts, which is around two years. Players use Robux in the game to buy a mix of durable goods which last for a period of time and consumable goods which are used immediately.
Read more: Top Glove joins Reddit surge as GameStop reboundsīut the SEC has reservations over the way in which Roblox recognises revenue from the sale of its currency, Robux, on its platform, according to a memo the company sent to employees on Thursday. Roblox’s valuation skyrocketed to $29.5 billion in a fundraising round earlier this month, more than seven times the $4 billion the company was valued at 11 months earlier, amid a surge in the popularity of video games during the Covid-19 pandemic. The company had said in a regulatory filing earlier this month that it was aiming to list shares on the New York Stock Exchange in February. The delay is a setback for one of the most eagerly-anticipated US public market debuts of 2021. In public and private forums, the 60-year-old Baszucki and his deputies often noted that the goal of the San Mateo, California-based company was to “hire the best people.” Three of the 15 current or former female employees who spoke to Bloomberg on the condition of anonymity because of concerns about professional backlash said Roblox managers discouraged them from continuing to bring up such questions about diversity with higher-ups or at meetings.Roblox Corp has postponed plans to go public because of the US Securities and Exchange Commission’s scrutiny of how the video game platform recognises revenue in its finances. Several of the women there said they found the comment dismissive, but not surprising. According to multiple people in attendance, the company’s co-founder and chief executive officer David Baszucki accepted the query at the virtual get-together and responded by saying that Roblox has a very high bar in hiring. An employee submitted by text a question to executives about why there were so few women at the top ranks of the company. gathered for an all-hands meeting over the video conferencing app Zoom. In the spring of 2021, the staff at video-game juggernaut Roblox Corp.
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