The shares of RobloxAfter Tuesday’s disappointing publication, the stock price surged by 12% Wednesday morning. This marked a dramatic turnaround. first-quarter earnings.

According to Refinitiv, the company posted a loss in excess of Wall Street’s expected loss of 21cents per share. Analysts expected the company to generate $645 million, while it actually generated $631.2million. Bookings for the company fell by 3% during this quarter. The company also posted 54.1 million daily active users, below StreetAccount’s consensus estimate of 55 million.

Although it is not clear what caused the increase, Roblox appears to be optimistic about the quarter’s growth rates. Roblox faces tough comparisons with earlier times during the pandemic. Back then, kids used to be locked down and were constantly glued their TVs and gaming systems to keep them entertained.

“We had expected year-over-year growth to bottom in April. Right now, it looks like it bottomed in March which is good so sequentially our year-over-year growth rates in April were better than they were in March, and on a year-over-year basis, I expect that to be true in May and again in June,” Roblox CFO Michael Guthrie said on the company’s conference call with investors Wednesday morning, according to a rough transcript.

Guthrie stated, “In terms the overall curve, normally… May is lower then April, and then, June is back up above May. And really, the opening season is where normal seasonality begins to kick in.”

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