Roblox’s shares closed at $37.74 on Tuesday before dropping to $30.01 as of 12:55 p.m. Wednesday, the largest dip for Roblox—whose shares were up 33% this year through Tuesday—since December.

Roblox reported bookings of $1.36 billion for the fourth quarter, missing the expected $1.37 billion that was predicted by analysts polled by LSEG. Daily active users fell to 85.3 million in the ...