Roblox shares jump after Hasbro announces Nerf blasters

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Roblox shares jump after Hasbro announces Nerf blasters

- Shares of Nerf blasters inspired by the videogame platform surged to a record high on Tuesday after Hasbro Inc announced it would sell Roblox Corp. Roblox, which is among the most popular gaming sites for children and offers a host of games across mobile devices and gaming consoles, saw its stock rise almost 9% to a record high of$ 81.69 a share on the New York Stock Exchange.

It was last up 7%; the shares of the San Mateo, California, company have now climbed 80% since its Wall Street debut on March 10. Hasbro's market capitalization of$ 44 billion dwarfs Roblox's$ 14 billion value, while its annual sales are about a fifth of the century-old company's.

Hasbro said its Nerf blasters, which fire projectiles made of plastic foam in the fall, would be available in U.S. stores, each with a code entitling the customer to a virtual blaster for their online Roblox avatar. Hasbro, which also said it had created a Monopoly version of its Roblox game, saw its stock increase on Nasdaq by 1.2% to$ 98.23 a share.

The use and spending of Roblox has spiked as kids spent more time on the platform when they were stuck in the COVID-19 pandemic, fueling an 85% increase in monthly users in 2020 and a surge in daily in-app sales.

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