Roblox Suffer Billion-Dollar Hit Following Massive Halloween Outage
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Roblox recently faced a grave problem in a three day long outage during the spooky holiday of Halloween. The issue began on the wee hours of October 28, and till the afternoon of Hallween, players couldn’t access any service on the popular platform. This caused a massive outrage from the community causing the developers to apologize.
However, it seems like this issue has caused a catastrophe outside the platform’s community as well. This is because the outage has lead to a massive dip in the company’s market value with the corporation losing an astronomical amount of money.
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Roblox loses more than $1.5 billion in market value
Financial news platform MarketWatch recently reported on the hit Roblox took after its massive outage. It’s reported that the video game company lost over $1.5 billion in market value. According to MarketWatch, the shares of the company dipped by almost 4% before it closed at 3.4%, with the final share price coming in at $81.14.
By Monday, the company had reportedly lost almost $1.66 billion in market cap. The company earned $454.1 million during the last quarter, and with a player base of around 46.6 million, the three day outage has costed Roblox billions in market value. According to the company’s founder and CEO, Roblox will look into it the matter soon.
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Outage to be analyzed, according to CEO
Following the resuming of services on Sunday, Roblox Founder and CEO David Baszucki posted a statement regarding the outage. He explained the issues that caused the massive outage which rendered players from using the services until the afternoon of Halloween. Baszucki mentioned that the problem arose from the recent increase of servers in the company’s datacenters. He apologized to the community for the outage, and proclaimed that the company will look into the matter in detail. He further stated that Roblox will make the findings public as part of the company’s “Respect the Community” values.
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In the end, it seems like the outage has spelled doom for Roblox’s market value and its millions of users. While an issue of such magnitude won’t happen again, it’s good to see the developers employ measures to prevent it from ever happening again. However, for now, players can carry on having fun in one of the most popular games in the world.
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