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Roblox surges to record after Hasbro unveils Nerf partnership - Metro US

Roblox surges to record after Hasbro unveils Nerf partnership

FILE PHOTO: A man photographs a Roblox banner displayed, to celebrate the company's IPO at the NYSE is seen in New York

(Reuters) – Shares of Roblox Corp surged to a record high on Tuesday after Hasbro Inc 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.

(Reporting by Noel Randewich; editing by Jonathan Oatis)

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