reported September metrics Monday that showed average daily active users (DAUs) rose 23% from a year ago to 57.8 million, which was down from 59.9 million in August but up from 52.2 million in July. Hours engaged for the month were up 16% to 4.0 billion, while estimated bookings increased 11% to 15% to between $212 million and $219 million. The immersive digital experiences company’s stock surged 12.2% in premarket trading. The company also updated its “paying user life” estimate to 28 months from 25 months in the prior two quarters, which as a result the company said estimated revenue for July was adjusted down by about $43 million and for August was adjusted down about $38 million. The company said it estimates September revenue was between $171 million and $180 million, or down 2% to up 3% from a year ago, after between $233 million and $237 million in August and between $205 million in $208 million in July. Using the midpoint of the monthly estimated revenue ranges, including the updates, the third-quarter revenue would be about $510.5 million, which compares with the FactSet consensus of $692.5 million. The stock has plunged 65.5% year to date through Friday while the S&P 500
has dropped 24.8%.