Roblox shares slid more than 20% in early trading, as the gaming giant dialed back its forecasts for growth and first-quarter earnings showed player spending is slowing.

Roblox cut its annual bookings forecast on Thursday, fanning concerns about a slump in the videogame industry and sending its shares down 23% to mark their worst day in more than two years.

Gen Z players — or players aged 17-24 — are Roblox's fastest-growing demographic, with players aged 13 and older making up more than half of the platform's 70 million users.

Roblox presents itself to parents as a safe space for kids. Behind the scenes, it's waging a technological shadow war against condo games: digital sex parties where kids are flirting with danger.