Roblox misses quarterly bookings estimates on lower spending

Gaming platform Roblox missed estimates for second-quarter bookings on Wednesday as waning demand for its online games and intensifying competition hurt growth.

The group's share price was down 8% in premarket trading on Wednesday.

The company, popular for games such as "Adopt Me!" and "Brookhaven", posted net bookings of $780.7 million in the quarter, compared with analysts' average estimate of $784.9 million, according to Refinitiv data. (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Pooja Desai)