(Bloomberg) -- Roblox Corp. climbed 12% on Tuesday, the most in three months, after better-than-expected December bookings drove up expectations for fourth-quarter earnings.

The global gaming platform said estimated bookings rose as much as 20% from the same period last year to between $430 and $439 million. The company also saw an increase in active daily users last month, growing 18% year-over-year to 61.5 million, according to a statement.

“The stock deserves to trade up on these metrics,” wrote Truist Securities analysts, who said the bookings beat the sellside consensus.

Stifel analysts led by Drew Crum said that the metrics set the company up for better-than-expected fourth quarter results. The company is set to report in February. 

Online gaming stocks soared during the early days of the pandemic, but have since sold off along with other stay-at-home beneficiaries. Roblox plunged 72% last year. If the video-game platform users grow in the fourth quarter that could show investors that playing in the metaverse can be sustainable in a post-pandemic environment. 

Expansion into emerging markets and easier year-over-year comparisons could spur a further recovery in global mobile-game revenue, according to Bloomberg Intelligence analyst Nathan Naidu.

Roblox will stop releasing monthly metrics after April in favor of quarterly publication, according to the statement.

(Updates shares as of market close.)

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