Stock of the day: Life360
Life360 dazzles investors with a 20% revenue jump and strong subscription growth, projecting profitability by FY25 despite current losses, sparking a near double in stock value since its Nasdaq debut.
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This video was created on 9 August for IG audiences by ausbiz.
Stock of the day: Life360 (ASX:360)
Upgraded outlook and financial performance
Life360 has delivered a strong performance in the second quarter of 2024, with a reported revenue increase of 20% to $84.9 million. The company's subscription revenue saw a notable rise of 25% year-on-year to $65.7 million. Despite these gains, Life360 posted a net loss of $11 million for the quarter, which included IPO-related costs of $5.8 million. However, the company has positively adjusted its full-year loss projection to between $8 million and $13 million and anticipates achieving profitability by FY25.
Market reaction and strategic moves
The announcement has been met with enthusiasm on the stock market, with Life360's shares skyrocketing nearly 98% since their Nasdaq debut in June. This surge reflects investor confidence boosted by the company's updated guidance and its robust subscriber growth, now boasting a base of 17 million.
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