Benzinga | Oct 22, 2021 11:01AM EDT

Why Roblox Shares Are Rising

Roblox Corp (NYSE:RBLX) shares are trading higher by 5.6% at $83.00. The stock spiked following a tweet from a Bloomberg reporter stating Google is lowering its cut from subscriptions on Google Play from 30% to 15%.

Mark Gurman tweeted: "Google is lowering its cut from all subscriptions on Google Play to 15% from 30% -- from day 1. The reduction previously only took effect on the first $1 million in revenue and for users who subscribed longer than a year. Change doesn't apply to in-app-purchases (games) however."

See Also: Roblox Stock Looks To Be Heating Up And Is Testing Resistance: What's Next?

Roblox Corp is an online entertainment platform, where users can interact with each other to explore and develop immersive, user-generated and 3D experiences. The platform offers a wide range of online games for kids, teens and adults.

Roblox has a 52-week high of $103.87 and a 52-week low of $60.50.