Life360 Inc (ASX: 360) Shares Surge 4.5% Following Strong Wall Street Performance

2 min read | December 03, 2024 03:50 PM AEDT | By Team Kalkine Media

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Life360 Inc (ASX: 360) Shares Surge 4.5% Following Strong Wall Street Performance — Image source: shutterstock

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Highlights

Life360 shares rise to $26.65 following a strong night on Wall Street.

Despite no recent news, shares have surged in the past week.

Life360 shares have skyrocketed by 240% over the past year.

Life360 Inc (ASX:360) shares are charging higher today, rising 4.5% to $26.65, following a strong night of trading on Wall Street. This latest gain adds to the company’s remarkable performance, bringing its share price up 27% since November 22, despite no new news from the company.

The latest surge also follows a stellar year for the location technology company. Life360’s shares have now soared an astonishing 240% on an annual basis, reflecting a period of significant growth. Investors are likely responding to this sustained momentum in the stock, with many speculating that the company’s ongoing success in location tracking technology and expanding user base is continuing to drive its market value upward.

Despite no formal announcements or developments from the company itself, the strong showing in global markets—particularly on Wall Street—suggests that investor optimism surrounding Life360 remains high, potentially due to ongoing growth in its core business and the broader technology sector's continued recovery.

Life360's Q3’24 Financial Highlights:

Total revenue for Q3’24 reached 92.9 million USD, reflecting an 18% YoY increase. Subscription revenue totaled 71.8 million USD, up 27% YoY, while Core subscription revenue was 66.2 million USD, marking a 34% YoY growth.
Annualized Monthly Revenue (AMR) stood at 336.2 million USD, a 30% YoY increase.
Net Income for Q3’24 was 7.7 million USD, driven by other income of 7.9 million USD and a 4.6 million USD higher benefit from income tax compared to Q3’23.
Adjusted EBITDA was 9.0 million USD, an improvement from the positive 5.5 million USD in Q3’23, while EBITDA showed a loss of (2.6) million USD, an improvement over the loss of (4.2) million USD in Q3’23.
Operating Cash Flow was 6.3 million USD, up 55% YoY.
Cash, cash equivalents, and restricted cash at quarter-end totaled 160.2 million USD, an increase of 96.5 million USD from Q3’23, primarily due to net capital raised from the U.S. IPO in Q2’24.

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