Life360 shares rocket on 4.9m monthly users boost
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The news: Shares in Life360 rocketed at the start of trading on the ASX, after the location sharing app gained nearly five million global active users in the March quarter.
The numbers: Life260 shares were up 17.4% to $14.25 by 11:00am AEDT.
The US tech company added 4.9 million users during the three months to March, a record for a first quarter and a 123% increase compared to Q1 2023.
It also had record first quarter additions to subscribers of approximately 96,000 in during quarter — 65% in the US and 36% international users — rising 31.5% quarter on quarter.
The context: The San Mateo-based group said the full financial results for the first quarter are not yet available and the company "cannot yet determine whether these quarterly operating metrics will have a material positive impact on revenue, net income (loss) or any other financial results". However, it noted that the operating metrics are "materially ahead of what we understand to be market expectations for CY24 Q1".
Last month, Life360 — which listed on the ASX in 2019 but cancelled plans for a listing on the Nasdaq in April 2022 — saw its shares soar after narrowing full-year losses and increasing year-on-year revenue by a third.
The company expects to release its full quarterly results on 10 May.
The source: ASX announcement
