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Benzinga

Business

Henry Khederian

Why Roblox Shares Are Getting Hammered Today

Roblox Roblox Corp US Federal Reserve

Roblox Corp (NYSE:RBLX) shares are trading lower by 13.18% to $25.10 Thursday morning in tandem with the overall market. Roblox shares were also trading lower during Wednesday's trading session after the company reported May 2022 key metrics.

Companies in the broader communications and entertainment industry are experiencing marked weakness after the Federal Reserve Wednesday afternoon raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years.

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