Roblox begins its first share buybacks, aiming for $3bn

Roblox Corp authorised its first-ever share buyback program with the goal of repurchasing up to $3 billion of its stock.

The video-game giant is looking to repurchase $1 billion of that over the next 12 months, according to a statement Tuesday.

The move is a “testament to our confidence in the long-term opportunity ahead,” Chief Financial Officer Naveen Chopra said. The repurchases are designed in part to offset dilution from employee stock grants. While investing in growth is the company’s highest priority, Roblox’s balance sheet and free cash flow allow it to also buy back stock, he said.

Roblox shares have lost about 45% of their value this year. Recent changes designed to improve the safety of young players, such as age-verification tools, have crimped customer engagement. The company is betting that the changes will attract more people to the platform over the long term.

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