Roblox is growing at an incredible rate, which is likely why the stock has more than doubled in 2025. The company's net losses are getting bigger, causing some investors to rethink their conviction.

Roblox is benefitting from unit economies, with bookings growth outpacing the growth in fixed growth. I expect Roblox to exceed management’s full-year guidance for bookings and free cash flow.

Roblox and Spotify are delivering strong growth in revenues, and it has a lot to do with how they are using AI to drive user ...