THE SHORT VERSION
- Roblox's third-quarter revenue rose 16% to $1.6 billion while bookings fell 12% to $1.7 billion, and daily active users fell 9%.Roblox 第三季度营收增长 16% 至 16 亿美元，预订额下降 12% 至 17 亿美元，日活跃用户下降 9%。
- The company says more than 500,000 users have used its Build tool and published over 70,000 games, its own platform figure rather than an independently verified count.公司称已有超过 50 万用户使用 Build 工具并发布超过 7 万款游戏，这是其平台口径，而非独立核实的数据。
- PC Gamer frames the same output as an explosion of AI-generated content, two days after Valve admitted Steam has a problem with AI clones.PC Gamer 把同样的产出描述为 AI 生成内容的爆炸，而两天前 Valve 刚承认 Steam 存在 AI 克隆游戏问题。
A quarter of falling users and rising output用户下滑、产出上升的一个季度
Roblox reported third-quarter revenue of $1.6 billion, up 16% year on year, while bookings fell 12% to $1.7 billion, according to GamesIndustry.biz. Average daily active users declined 9% and hours engaged dropped 15% to 34 billion. Average bookings per daily user fell 3% to $12.29 and monthly unique payers dropped 16% to 30.3 million. The company described the decline as a difficult comparison with a stronger 2025, when the platform grew faster than it has since.据 GamesIndustry.biz 报道，Roblox 第三季度营收 16 亿美元，同比增长 16%；预订额下降 12% 至 17 亿美元。平均日活跃用户下降 9%，游戏时长下降 15% 至 340 亿小时。每位日活用户的平均预订额下降 3% 至 12.29 美元，月付费用户数下降 16% 至 3030 万。公司把这一下滑解释为与更强的 2025 年相比基数偏高。
The shareholder letter read the same quarter differently. Roblox put AI at the centre of its story, arguing that creation is speeding up across the industry and that its own tools now sit inside the production of a large share of its most-played games. It also noted that bookings were up over 50% on a two-year basis, a comparison the company used to argue the dip belongs to 2025 rather than to this year.同一份季度的股东信却讲了另一个故事。Roblox 把 AI 放在叙事中心，称整个行业的创作都在提速，而它自己的工具已经参与其最热门游戏中很大一部分的制作。股东信还指出，以两年为跨度看预订额增长超过 50%，公司用这个对比说明下滑属于 2025 年而非今年。
What the 70,000 games actually count7 万款游戏这个数字到底数的是什么
Roblox said more than 500,000 users have used Build, its prompt-to-game tool, and have published over 70,000 games since its alpha launch in New Zealand, Singapore, Serbia and Thailand. That is the company's own platform figure, published in its shareholder letter and repeated by GamesIndustry.biz and PC Gamer. Neither outlet verified it independently, and Roblox has not released a breakdown by retention, revenue or quality. The letter gives no time series for the tool beyond the five-month window it covers.Roblox 称，已有超过 50 万用户使用过其「提示词生成游戏」工具 Build，并在该工具于新西兰、新加坡、塞尔维亚和泰国开启 alpha 测试以来发布了超过 7 万款游戏。这是公司自己的平台口径，写在股东信里，并被 GamesIndustry.biz 与 PC Gamer 引用；两家媒体都没有独立核实，Roblox 也没有公布留存、营收或质量维度的拆分。股东信只给了这五个月窗口，没有更长时间序列。
PC Gamer did the arithmetic the letter left out. Build launched in July, five months before the letter, so 70,000 works out to a rough average of 14,000 games a month while the tool is still limited to four countries. That calculation is PC Gamer's rather than Roblox's, and the outlet noted that only a small part of the userbase has access so far. Build is still in alpha, which is why the letter treats the figure as a beginning rather than a result.PC Gamer 做了股东信没做的算术。Build 于 7 月上线，距股东信五个月，因此 7 万款大约相当于每月 1.4 万款，而该工具仍只在四个国家可用。这个换算是 PC Gamer 的，不是 Roblox 的；该媒体也指出，目前只有很小一部分用户能用到 Build。它仍处于 alpha 阶段，所以股东信把这个数字当作起点而非结果。
The language Roblox choseRoblox 选择的措辞
The letter describes "an inflection point in AI adoption and content generation in the gaming industry overall, and on Roblox in particular". It says AI-enabled game creation, automation in code generation and AI-supported asset creation are "leading to an explosion of content", and that the time needed to adapt a game for new devices is compressing as well. The phrase is the letter's own, and it is the line both outlets quoted.股东信写道，过去三个月「整个游戏行业以及 Roblox 自身在 AI 采用与内容生成上出现了拐点」。信中说，AI 驱动的游戏创作、代码生成自动化与 AI 辅助素材制作「正带来内容的爆炸」，同时为新设备适配游戏所需的时间也在压缩。这个说法出自股东信本身，也是两家媒体都引用的那句。
Chief executive David Baszucki framed the shift as a change in what matters. "When anyone can create a game, what matters most is scaled distribution, effective discovery, a robust economy, industry-leading safety, and infrastructure to support it all," he said, adding that AI has accelerated the company's ambitions. The rest of the letter returns to that list in different words.首席执行官 David Baszucki 把这一转变描述为「什么最重要」发生了变化。他说：「当任何人都能做出游戏时，最重要的是规模化分发、有效发现、稳健的经济体系、行业领先的安全，以及支撑这一切的基础设施。」他并称 AI 加速了公司的雄心。信的其余部分用不同说法反复回到这份清单。
The numbers the company does publish公司确实公布的数字
More than 80% of the top 100 games ranked by hours engaged used AI tools to accelerate creation over the past month, and the number of daily asset uploads to the Roblox cloud tripled month over month. Roblox also said 97% of creators who regularly use AI reported that it accelerated their development timelines, and that time spent in its AI tools tripled among top creators since the second quarter. Those figures measure adoption inside Roblox rather than results outside it.过去一个月，按时长排名前 100 的游戏中有超过 80% 使用了 AI 工具来加速创作，上传到 Roblox 云的每日素材数量环比增长两倍。Roblox 还称，经常使用 AI 的创作者中有 97% 表示 AI 加速了他们的开发进度；自第二季度以来，头部创作者使用其 AI 工具的时间增长了两倍。这些数字衡量的是 Roblox 内部的采用度，而不是外部结果。
Two games made almost entirely with AI, Break and Steal an Egg and Huss Valley, broke into the top 20 by concurrent players during the quarter, and GamesIndustry.biz reported that published games using AI grew more than 50% quarter over quarter. These are platform statistics about platform activity. Nothing in either report tests whether the games are any good, or whether players come back to them.两款几乎完全由 AI 制作的游戏《Break and Steal an Egg》与《Huss Valley》在本季度进入同时在线人数前 20；GamesIndustry.biz 还报道，使用 AI 的已发布游戏环比增长超过 50%。这些都是关于平台活动的平台统计。两篇报道都没有检验这些游戏是否好玩，或玩家是否会回来。
The counterpoint PC Gamer raisedPC Gamer 提出的反方观点
PC Gamer read the letter against Valve's admission two days earlier that Steam has a problem with AI-generated clones, and argued that Roblox is describing the same flood as a feature. It noted that content in explosive quantities is exactly what Valve is struggling with, and that Roblox is not looking to slow it down. The comparison is blunt because the two companies published their positions within 48 hours of each other.PC Gamer 把这份股东信放在 Valve 两天前的表态旁边读：Valve 承认 Steam 存在 AI 生成克隆游戏的问题，而 Roblox 把同一股洪流描述成一项特性。该媒体指出，「爆炸式数量」的内容正是 Valve 正在头疼的东西，而 Roblox 并不打算让它慢下来。两家公司在 48 小时内先后表明立场，让这个对比显得格外直接。
The same argument runs through the site's file on Valve's response to AI clones and through the wider question of generative tools in development. The difference is the stance. Valve says it will not act as a gatekeeper telling developers which tools to use, while Roblox presents the volume of new games as the achievement itself.同一套论证也出现在本站关于 Valve 回应 AI 克隆游戏的文章与关于生成式工具进入开发流程的讨论里。区别在于立场：Valve 说不会充当守门人、告诉开发者该用哪些工具，而 Roblox 把新游戏的数量本身当作成就来展示。
What Roblox wants nextRoblox 接下来想要什么
The distribution plan follows the same logic. Universal Player uses AI to import existing games into Roblox's cloud and make them run multiplayer on any device, while Roblox Everywhere pushes the other way and lets creators publish outside the platform. The stated goal is to capture 10% of the global gaming market, and an even greater share in the United States. Neither project has a public launch date.分发计划遵循同样的逻辑。Universal Player 用 AI 把现有游戏导入 Roblox 云，并让它们在任意设备上以多人模式运行；Roblox Everywhere 则相反，让创作者把游戏发布到平台之外。公司提出的目标是拿下全球游戏市场 10% 的份额，并在美国拿到更高比例。两个项目都还没有公开的上线日期。
The commercial argument is about age. Roblox says over-18 users are its fastest-growing cohort and that in the US they monetise more than 50% above its under-18 audience, which is the pitch behind a quarter of falling users and rising output. Konami's results this week show how differently publishers are framing growth, and Roblox's next report is where the AI claim meets the user numbers. For now the company is asking investors to judge it on output and reach.商业论证落在年龄结构上。Roblox 称 18 岁以上用户是其增长最快的群体，且在美国的付费能力比 18 岁以下用户高出 50% 以上，这正是「用户下滑、产出上升」这一季背后的说辞。本周 Konami 的财报显示了各发行商对增长的不同叙述，而 Roblox 的下一份财报才是 AI 说法与用户数字对撞的地方。眼下，公司希望投资者用产出与覆盖来评判它。
Sources & reporting limits来源与核查范围
Follow Gaming platforms to find related stories on your next visit.关注游戏平台，下次访问时阅读相关文章。
