Roblox has built an impressive business that should lead to substantial growth, but shares still look far too rich.

On a net-income basis, Roblox is still losing considerable money. In Q3, the company had a net loss of $257 million, which was worse than its net loss of $240 million in the same quarter of last year.

Roblox on Thursday raised its annual bookings forecast for the third time on the back of strong in-game spending on viral ...