Weekly Engagement Tracker: Summer Seasonality Lifts CCUs Despite Rollout of Age-Based Accounts; Highlighting Re-Launch at Neutral

研报英文原文证据摘录

Weekly Engagement Tracker: Summer Seasonality Lifts CCUs Despite Rollout of Age-Based Accounts; Highlighting Re-Launch at Neutral

J P M O R G A N North America Equity Research

03 August 2026

Roblox

Weekly Engagement Tracker: Summer Seasonality Lifts Neutral

CCUs Despite Rollout of Age-Based Accounts; RBLX, RBLX US

Highlighting Re-Launch at Neutral Price (31 Jul 26):$35.60

Internet - Mid & Small Cap

We are introducing our proprietary weekly engagement tracker for Roblox — Bryan M. Smilek AC

which we plan to update every Monday morning. To better gauge demand (1-212) 622-8886

trends & provide real-time insights, we analyze total Roblox platform concurrent bryan.smilek@jpmorgan.com

users (CCUs), along with CCUs across select experiences. While Y/Y declines Doug Anmuth

worsened in July to -11% (vs. -7% Y/Y in June— See Figure 2), we believe softer (1-212) 622-6571

trends were primarily driven by more challenging Y/Y comps as RBLX laps record douglas.anmuth@jpmorgan.com

viral experiences, though age-verification headwinds also likely weigh on trends. Andrew Watts

In recent weeks, peak CCUs have inflected higher despite RBLX’s global age- (1-212) 622-9400

andrew.watts@jpmorgan.com

based account rollout on June 16th, reaching ~20M this past weekend (vs. J.P. Morgan Securities LLC

trough levels of ~16M-18M peak CCUs in mid-April), though we believe

summer seasonality & the reversal of Russia’s ban to a lesser extent — is likely

driving improved engagement levels. Overall, we are encouraged by improving

peak CCUs, however, Y/Y comps remain challenging into 2H and we believe

RBLX is benefitting from N-T seasonal engagement tailwinds, w/recent

Recommended for You (RFY) algo changes also likely driving improved long-tail

content discovery.