Life360 shares soar 29% on narrowed losses
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More news: Life360 shares soared more than 29% at market open after the location sharing app narrowed its calendar year losses in 2023. The US-based company also reported a 33% revenue rise year on year to meet guidance as global monthly active users passed 61 million.
Shares were trading 29.1% higher at $10.55 by 10:40am AEDT.
Life360 shrinks losses and looks to new advertising stream
The news: Location sharing app Life360 narrowed its calendar year losses as year-on-year revenue climbed by a third.
The numbers: Life360 reported CY23 revenue of USD305 million ($470 million), a 33% uplift on the prior year, and in line with guidance of USD300 million to USD310 million. Global monthly active users grew 26% year on year to reach 61.4 million.
The tracking app developer also reduced its net loss to USD28.1 million from a loss of USD81.6 million in CY22.
Life360 set CY24 revenue guidance at between USD365 million and USD375 million, and targets an EBITDA loss of between USD8 million and USD13 million.
The context: The San Francisco-based company said plans for the 2024 calendar year include creating a new advertising revenue stream that offers partners enhanced access to Life360's free user base of 20 million.
The US company — which listed on the ASX in 2019 but shelved advanced plans for a listing on the Nasdaq in April 2022 — announced the USD205 million acquisition of Apple's Airtags rival Tile in 2021.
What they said: Life360 CEO co-founder and CEO Chris Hulls said: "We are excited to continue building on our leading global position in location sharing, and see exciting opportunities in CY24 and beyond to broaden our reach and deepen engagement with our members".
"We look forward to bringing the benefits of our subscriptions to more markets globally, and creating new revenue streams that utilize the scale and quality of our member base," he added.
The source: ASX announcement
